Delaware courts: Man gets three years for stock sc
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Delaware courts: Man gets three years for stock scam
Judge also orders Floridian, 39, to forfeit $1.49 million
By SEAN O'SULLIVAN • The News Journal
September 13, 2010
http://www.delawareonline.com/apps/p...ID=20109130350
WILMINGTON — A Florida man has been sentenced to three years in prison by a federal judge in Delaware for his part in a massive "penny stock" fraud and money-laundering scheme.
In addition to prison time, Gerard D'Amaro, 39, of Lighthouse Point, Fla., was also ordered to forfeit $1.49 million by District Judge Sue L. Robinson last week, according to federal prosecutors.
D'Amaro was part of a complicated "pump and dump" scheme that prosecutors said was led by a 25-year-old Newark man, Pawel Dynkowski, in which people inside and outside small "penny stock" companies conspired to artificially inflate a stock price and then dump it when the stock reached a certain profitable level.
The prosecution, which involved at least six men and over $6 million in illegal proceeds, is believed to have been the first of its kind in Delaware.
Another key player in the fraud was a man who operated an Internet site for small stock investors.
D'Amaro, also known as "G" and "G-man," was described as a stock promoter by prosecutors. According to court papers, his attorney requested a sentence of probation or home confinement to allow D'Amaro to care for his ailing wife.
Prosecutors opposed the request, arguing D'Amaro committed multiple instances of fraudulent behavior and remains a danger because at home he could "continue to use his computer and telephone" to conspire with others and engage in investor fraud.
"As I stated when this case was indicted, the integrity of our nation's public stock markets requires protection from those greedy few who engage in market manipulation at the expense of many," U.S. Attorney David C. Weiss said in a statement. "This sentence should demonstrate the serious consequences facing those who commit financial frauds in this district."
Special Agent Eric Hylton, with Internal Revenue Service, said activities like D'Amaro's "pose a significant threat to our nation's economy."
In addition to the U.S. Attorney for Delaware and the IRS, the Delaware State Police and U.S. Immigration and Customs Enforcement were involved in the two-year investigation.
http://www.delawareonline.com/apps/p...ID=20109130350
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09/07/2010 35 Preliminary ORDER DIRECTING FORFEITURE OF PROPERTY as to Gerard D'Amaro.
Doc 35 PDF file
http://viewer.zoho.com/docs/hJGmg
09/08/2010 36 SENTENCING MEMORANDUM by USA as to Gerard D'Amaro
Doc 36 PDF file
http://viewer.zoho.com/docs/jHcDag
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Gerard D'Amaro is associated with several companies, including Epd Therapy Inc. and Maximum Steel Inc. Gerard D'Amaro has a relationship with Robert W Greene and is located in Pompano Beach, FL.
Source: Florida Department of State last refreshed 4/4/2012
Go to: http://www.corporationwiki.com/Flori...o-P996467.aspx
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