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by Mike Caswell
Songkram Roy Sahachaisere, one of those convicted in New York for a $120-million fraud masterminded by Toronto's Sandy Winick, has lost his appeal, despite problems with the case against him. (All figures are in U.S. dollars.) Three judges have agreed that the evidence against him included "troubling" testimony by an FBI agent. The judges have upheld his conviction nonetheless, finding that other evidence, which included incriminating recordings, was overwhelming.
The ruling comes almost two years after Mr. Sahachaisere received 27 months in jail for participating in a massive pump-and-dump scheme run by Mr. Winick. Prosecutors said that he was central player in the fraud, which victimized thousands of investors. Through an investor relations service that he ran, he transmitted false and misleading news releases about four companies. At the same time, he was selling shares through an entity that he controlled. A jury convicted him on Nov. 9, 2015, after a five-week trial.
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