BUFFALO, N.Y.- U.S. Attorney William J. Hochul, Jr. of the Western District of New York announced today that Jamie Boye, 34, of Jamestown, N.Y., who was convicted of conspiracy to commit securities fraud, was sentenced to 18 months by U.S. District Court Judge Richard J. Arcara.
Assistant U.S. Attorney Aaron J. Mango stated that from Oct. 22, 2008, to Sept. 15, 2011, the defendant participated in what is commonly known as a “pump-and-dump" scheme. Specifically, the defendant and his co-conspirators registered several Internet domain names, such as www.trypennystocks.com, and falsely advertised 29 penny stocks as being profitable investments. These misleading advertisements encouraged investors to invest in the advertised penny stocks, causing the stock prices to increase. Once the defendant and his conspirators thought that the price of any one stock would not increase any further, they sold their shares for a large profit. In total, the defendant was compensated $498,714.25 for his participation in the scheme.
Pursuant to the plea agreement, the Court issued a money judgment in the sum of $498,714.25. The government seized the defendant’s 2007 Cadillac Escalade, 2007 Dodge Charger Sedan, 2009 Suzuki ATV, and the defendant’s real property, which will be sold. The proceeds will be credited toward the money judgment.
The sentence is the culmination of an investigation on the part of Special Agents of the Internal Revenue Service-Criminal Investigation, under the direction of Shantelle P. Kitchen, Special Agent in Charge, Special Agents of the Department of Homeland Security Investigations under the direction of James C. Spero, Special Agent in Charge, and Special Agents of the United States Secret Service, under the direction of Thomas Braun, Assistant Special Agent in Charge.
Source: U.S. Department of Justice, Office of the United States Attorneys
