Charges Against Broker Dismissed In $17M Stock Scheme
Law360, New York (January 31, 2017, 5:56 PM EST) -- A New Jersey federal judge tossed criminal charges against a broker-dealer in a $17.2 million pump-and-dump stock scheme Monday, finding that the indictment was filed too late and rejecting prosecutors' bid for a retroactive application of the six-year statute of limitations created by the 2010 Dodd-Frank Act.
U.S. District Judge Jose L. Linares granted Guy Gentile's motion to dismiss his March 2016 indictment on securities fraud charges, saying the alleged conduct ended in June 2008 and that the case was covered by a five-year statute of limitations in effect at that time. If waivers executed by Gentile to toll the limitations period...
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