Feds Drop Charges In $30M Pump-And-Dump Row, Cite Ruling

Law360, Newark (May 24, 2017, 10:20 PM EDT) -- A federal prosecutor told a New Jersey federal judge Wednesday that the government is dropping criminal charges against an investment adviser in a more-than-$30 million stock market manipulation scheme in light of a ruling dismissing charges in a separate securities fraud case on statute of limitations grounds.

Assistant U.S. Attorney Nicholas Grippo said prosecutors decided to dismiss the charges against Donald S. Toomer after evaluating his pending dismissal motion over claims that he was indicted after the statute of limitations had expired, reasoning U.S. District Judge Jose L. Linares would apply the same rationale to that argument as the judge did...

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