Calif. Broker Gets 6 Months In Pump-And-Dump Scheme

Law360, Miami (April 25, 2017, 8:51 PM EDT) -- A Florida federal judge sentenced a California-based stock promoter Monday to six months in prison for his role in an alleged pump-and-dump scheme in which he and several co-conspirators issued shares in fraudulent shell companies and sold them to investors at a profit.

Daniel McKelvey, 49, of Foster City, California, is the last of six individuals charged in connection with the scheme in several related cases. He faced as much as five years in prison and a $250,000 fine after pleading guilty July 22 to a single count for conspiracy to commit securities fraud and certification fraud, according to court records....

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