United States v. Jason Nielsen
Court Docket No.: 22-CR-00161
Court Assigned: These cases are assigned to the U.S. District Court for the Northern District of California, Robert F. Peckham Federal Building & United States Courthouse 280 South 1st Street, Room 2112 San Jose, CA 95113.
Recent update: On January 30, 2023 court ordered $1,196.51 in restitution.
Previous events:
On October 24, 2022 defendant Jason Nielsen was sentenced to 120 days in custody, 3 years supervised release, $50,000 in fine, $100.00 special assessment.
On June 9, 2022 defendant Nielsen entered a guilty plea.
Criminal Charges: On April 18, 2022, Jason Nielsen was charged with one count of securities fraud for his involvement in a scheme to induce investors to purchase securities using deceptive and manipulative means. Nielsen was a large investor in Arrayit, a publicly traded medical technology company based in Sunnyvale, California, who frequently posted on public message boards about Arrayit under the name “PennyStockAlert”. According to the criminal information, beginning in or around 2019 and continuing through in or around 2020, Nielsen communicated and posted materially false and misleading information about Arrayit, the existence of genuine supply and demand for Arrayit securities, and the nature of his personal financial stake in Arrayit securities, all in order to fraudulently induce other investors to purchase Arrayit securities and thereby drive up the stock’s price, all while Nielsen simultaneously and secretly was selling his own previously acquired shares at an artificially inflated price. The purpose of the scheme was for Nielsen to enrich himself at the expense of other investors.
