SEC Charges Eleven in Stock Manipulation Ring

[soupoftheday]

A Delaware judge has sentenced Gerard D'Amaro, the Florida man who pleaded guilty to charges stemming from the pump-and-dump of Ontario-based Playstar Corp., to three years in jail. He learned his sentence in an appearance before Judge Sue Robinson on Sept. 8, 2010.

Mr. D'Amaro reached a deal with prosecutors earlier this year, in which he agreed to plead guilty to two counts of a four-count fraud indictment. The charges were for helping to manipulate Playstar and other stocks with on-line postings and wash trades. In addition to the three-year sentence, the judge ordered Mr. D'Amaro to forfeit $1.49-million in proceeds of crime. (All figures are in U.S. dollars.)

Mr. D'Amaro was one of several men facing both civil and criminal charges stemming from a two-year investigation into stocks promoted on the Investors Hub website. Those arrested included Investors Hub operator Matthew Brown. He pleaded guilty to criminal securities fraud and money laundering charges on Feb. 17, 2010, and awaits sentencing.

This other guy got 3 years in jail.
Wow! Matt may really do some time?