California man sentenced in Wilmington to four years in

New Post Public Reply Private Reply Replies (0) Message Board
Lmcat

California man sentenced in Wilmington to four years in stock manipulation case
Posted: Thursday, May 19, 2011

Read Here: http://www.cecilwhig.com/business/ar...cc4c002e0.html

Judge Sue L. Robinson of the United States District Court for the District of Delaware sentenced Matthew W. Brown , age 27, of Tustin, Calif. to four years in prison, followed by three years of supervised release, and a fine of $50,000 following his guilty plea to two counts of conspiracy to commit securities fraud and two counts of conspiracy to commit money laundering. Robinson further ordered Brown to forfeit $4,798,138 to the United States and barred Brown from working in the securities industry during his term of supervised release.

The federal charges against Brown and his co-conspirators were unsealed in May 2009 in Delaware.

According to the indictment and Brown's guilty plea, in 2006 and 2007 Brown and his co-conspirators engaged in a scheme to manipulate the prices of publicly traded stocks to create the illusion of market interest in those securities. The goal was to fraudulently induce the investing public to purchase a stock based on the artificial trading volume, and thus increase the price of the stock. Brown and his co-conspirators then sold significant holdings in these stocks, generating millions of dollars in proceeds.

In Brown's case, the securities involved included GH3 International, Inc. and Asia Global Holdings Corp. According to the indictment and Brown's plea, the fraud schemes involving these securities generated in excess of $4 million in illicit gains.

The charges against Brown were part of a multi-agency investigation into the manipulation of so-called "penny stocks" traded through the over-the-counter stock markets. The investigation, which began in 2007, has been pursued jointly by Delaware-based agents with United States Immigration and Customs Enforcement, Homeland Security Investigations; the Internal Revenue Service, Criminal Investigation; and the Delaware State Police; with assistance from local and federal investigators in Orange County, Calif. A separate civil action has been brought by the Securities and Exchange Commission.

"This was a terrific collaborative effort with our federal, state and local counterparts," said John P. Kelleghan, Special Agent in Charge of Homeland Security Investigations in Philadelphia. "As shown in this investigation, HSI will continue to target those who exploit the world's financial systems to move, store, and launder proceeds gained from their illicit activities."

Since May 2009, six other targets of the investigation have been convicted on charges including securities fraud, perjury, obstruction of justice, money laundering, and tax evasion. In September 2010, co-conspirator Gerard D'Amaro, age 39, of Lighthouse Point, Fla. was sentenced to a term of three years in prison, and ordered to forfeit $1,490,610 to the United States.

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Greenworks Mower Snags Best Electric Award for 2026

Updated Category News Views 34

Greenworks Strikes Again with Top Lawn Mower Honors Man, when I think about the evolution from noisy, gas-guzzling lawn mowers to sleek, battery-powered beasts, Greenworks is right there, leading the charge. Just the other day, Popular Mechanics singled out the Greenworks 80V 22-inch Cordless Lawn Mower, handing it the coveted title of Best Electric Lawn Mower for 2026....

Continue Reading
Taiwan's T+ MedIC: Launching AI-Driven Health Tech

Updated Category News Views 31

A New Wave of Healthcare Innovation in Taiwan Listen up, because something interesting is brewing in Taiwan's healthcare sector. Not the kind of shenanigans cooked up by Wall Street, but a genuine shot at transforming patient care. The T+ MedIC Medical Innovation Accelerator has just crowned its first winners, and we're talking a whole new level of medical tech...

Continue Reading
vVARDIS Readies for Big Day on NYSE—IPO Set to Shine

Updated Category News Views 73

vVARDIS Stepping into the Spotlight of the NYSE Alright, folks, here's one that could make some waves. vVARDIS is gearing up for its NYSE debut, trading under the ticker VVVV. They're no small fry talking about 9.72 million shares priced at 18 bucks a pop. This isn't just any run-of-the-mill company; they claim to have the first peptide-containing formulation for early...

Continue Reading
Global Case Studies in Poverty Reduction Spotlighted

Updated Category News Views 94

A Fresh Spotlight on Poverty Reduction Efforts Amid the clamor of social and economic challenges, 126 stellar case studies of poverty reduction just took center stage at a seminar in Beijing. These admired initiatives emerged from the seventh global solicitation, chosen from a pile of 890 entries submitted by do-gooders and organizations spanning 31 countries. If you've...

Continue Reading
Canadian Solar Gears Up for Q3 2026 Earnings Call

Updated Category News Views 7

Canadian Solar Prepares for Earnings Disclosure Well, strap in, folks. Canadian Solar Inc. (NASDAQ: CSIQ)—a staple in the solar arena—announced that they'll unveil their third quarter 2026 financials on December 3. It's going to be a call worth dialing into. They're holding it right at 8:00 a.m. Eastern Time. You can pop over to their website for a live webcast or go...

Continue Reading
DeFi Tech Q3 2026: Navigating Cash Strong Waters

Updated Category News Views 61

DeFi Technologies: Holding Steady as Markets Sway DeFi Technologies Inc. has just thrown its quarterly earnings into the ring. With $18.3 million in revenue and a net income of $22.3 million, this digital asset dynamo is showing signs of resilience, even as the financial seas continue their wild dance. For those of us watching the NASDAQ:DEFT like hawks, these figures...

Continue Reading
K-Jeonnam Gim Debuts on Amazon: Korean Seaweed Arrives

Updated Category News Views 75

Korean Seaweed Ventures to the US Market Alright, folks, here's a twist for your snack drawer—Korean seaweed making waves right on Amazon's virtual shelves! Shinan 1004 Seaweed Co. is shaking things up with their brand spankin' new K-Jeonnam Gim. This ain't just any old sea greens we're talking about. We're dealing with crispy, roasted sheets bursting with savory, nutty...

Continue Reading
APEC Summit 2026: Shenzhen in the Spotlight

Updated Category News Views 35

An International Stage for Shenzhen Alright, folks, here's the deal. We’ve got the 2026 APEC Summit rolling into Shenzhen, perched right there in Guangdong Province, and the world’s eyes are glued to it. Happens November 18–19, and you better believe it’s a magnet for all things global. The China Media Group’s Chinese Global Program Center isn’t missing a...

Continue Reading
ACR Poker's $20M OSS: Stakes High on Sunday Action

Updated Category News Views 89

ACR Poker Takes the Spotlight with a Mammoth Sunday Sunday, November 15 is about to be a slugfest over at ACR Poker, as players gear up for an intense day of card-shuffling and betting. We’re looking at flights for all four headlining events of the Online Super Series (OSS) right alongside day two of The Quattro and an eye-popping WSOP Paradise Mega Satellite blowing...

Continue Reading
Biodiversity Monitoring Poised for $11.39 Billion Boom

Updated Category News Views 105

A Billion-Dollar Market on the Rise Picture this: you're watching the world make a monumental shift towards sustainability in real-time. The biodiversity monitoring market is on a gallop, poised to grow from a modest USD 7.17 billion in 2026 to a hearty USD 11.39 billion by 2031. That's a CAGR of 9.7%—a pace that soothes the nerves of any investor weary of the whims of...

Continue Reading

Top 5 Most Recently Viewed Articles

VILNIAUS BALDAI AB: Major Decisions Ahead for Shareholders

Updated Category News Views 267

Upcoming Resolutions for VILNIAUS BALDAI AB Shareholders The Management Board of VILNIAUS BALDAI AB has set forth exciting draft resolutions for the Annual General Shareholders meeting. This gathering promises to be significant as it highlights the company’s performance and future direction. Consolidated Management and Auditor Reports Shareholders will be presented with...

Continue Reading
Precigen's PAPZIMEOS Receives FDA Approval for RRP Treatment

Updated Category News Views 215

Precigen's Revolutionary FDA Approval of PAPZIMEOS PAPZIMEOS has made history as the first and only FDA-approved therapy for adults suffering from recurrent respiratory papillomatosis (RRP). This remarkable achievement brings significant hope and therapeutic options for patients enduring this challenging condition. Understanding PAPZIMEOS and Its Impact Recently, the U.S....

Continue Reading
Brunswick Corporation's Stock Struggles in Challenging Market

Updated Category News Views 200

Brunswick Corporation Faces Market Turmoil Brunswick Corporation (NYSE: BC) has recently reached a troubling milestone, hitting a 52-week low of $63.05 amid a tumultuous market landscape. As an established name in the recreational products sector, Brunswick is recognized for its diverse portfolio that includes marine engines, boats, and fitness equipment. The current...

Continue Reading
Larimar Therapeutics Shares Latest Financial Insights and Updates

Updated Category News Views 273

Larimar Therapeutics Financial Report Highlights BALA CYNWYD, Pa. — Larimar Therapeutics, Inc. (Nasdaq: LRMR), a clinical-stage biotechnology company dedicated to developing innovative treatments for complex rare diseases, has shared notable updates regarding its financial performance and operational progress. The third quarter of 2024 has been significant for the...

Continue Reading
Understanding Sogeclair's Voting Rights Overview for 2025

Updated Category News Views 170

Overview of Sogeclair's Corporate Structure SOGECLAIR is a prominent business corporation with its headquarters situated at 7 avenue Albert Durand in Blagnac, France. With a registered capital of €3,204,901, the company operates under the registration number 335 218 269 in Toulouse. As a public corporation, SOGECLAIR plays a significant role in its industry, making it...

Continue Reading