Larceny Doesn't Fit $290M Securities Fraud Case, Judge Says

By Stewart Bishop (May 20, 2016, 9:52 PM EDT) -- A New York judge has thrown out grand larceny and stolen property charges in a case over a purported $290 million pump-and-dump stock manipulation scheme, saying the position of Manhattan prosecutors would impose "a significant and unjustified expansion of the larceny statutes."

Manhattan District Attorney Cyrus R. Vance Jr. has accused three stock promoters and five alleged co-conspirators of defrauding investors in penny stocks by using deceptive email "blasts" to investors to juice up the stock of certain public companies that were often almost worthless and then cashing out at artificially high share prices.

All eight defendants faced charges of scheme to...

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