Trader Gets 36 Months In Pump-And-Dump Scheme

Law360, New York (July 31, 2008, 12:00 AM EDT) -- A stock trader who pled guilty to playing a role in a stock pump-and-dump scheme in 2007 has been sentenced to 36 months in a federal prison.

Judge Gerald Bruce Lee of the U.S. District Court for the Eastern District of Virginia handed down the sentence for conspiracy to commit securities fraud to Lawrence Kaplan, a Scottsdale, Ariz.- based trader, on Friday.

Kaplan will also have to pay more than $7.3 million in restitution, according to a statement from the U.S. Securities and Exchange Commission....
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