California man sentenced to over two years in prison for penny stock fraud

From Reuters - February 23, 2018

NEW YORK (Reuters) - A California stock promoter was sentenced on Friday to two years and three months in prison for his role in what U.S. prosecutors say was a nearly $100 million penny stock pump-and-dump scheme.

Songkram Roy Sahachaisere, 48, was sentenced by U.S. District Judge Eric Vitaliano in Brooklyn, federal prosecutors announced. A lawyer for Sahachaisere could not immediately be reached for comment.

Sahachaisere was convicted of securities and wire fraud by a jury in November 2015. Gary Kershner, an Arizona business owner, was convicted at the same trial, and has not yet been sentenced.

Seven other defendants had previously pleaded guilty, including Sandy Winick, a Canadian, who authorities said was the schemes mastermind.


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