The Federal Bureau of Investigation is on the hunt for an Oakville man in connection with a crime that victimized numerous people.
Ashmit Patel, 36, a securities lawyer, is wanted in connection with a an illegal pump-and-dump scheme surrounding two publicly-traded stocks, according to the FBI and the United States Department of Justice.
The investigation that led to these charges involved a co-conspirator-turned-confidential-informant who was cooperating with the FBI.
The allegations haven't been proven in court.
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According to court documents, Ongkaruck Sripetch (a resident of Gig Harbor, Washington, who used the aliases “King Richards” and “Shelby Saint-Claire”), Canadian resident Michael Wexler, Patel and Grand Cayman resident Andrew McAlpine were members of a stock fraud ring who worked together to artificially inflate the prices of penny stocks, then quickly unload their own shares before the prices collapsed, the Department of Justice said.
The men did not know that, while the scheme was underway, one of their partners had begun cooperating with the government’s investigation and was collecting evidence against his co-conspirators, the Department of Justice alleges.
“As we alleged in the complaint, the defendants created a sophisticated network that enabled them to engage in multiple fraudulent schemes, making millions of dollars in unlawful profits at the expense of retail investors,” alleged Richard Best, director of the U.S. Securities and Exchange Commission's New York office, in a release.
McAlpine was arrested Friday when he entered the United States from Grand Cayman, and Sripetch was also arrested Friday, in Gig Harbor, Washington. The United States is still looking for Patel and Wexler.
"A pump-and-dump scheme takes place when subjects acquire publicly-traded stock at low prices, issue misleading news releases or promotional materials to artificially increase the price of the stock, sell the stock to unsuspecting investors, and split the proceeds," according to a Department of Justice release.
“These defendants sought to boost the stock price of two companies, and then leave innocent investors with investments that they knew would almost immediately lose most or all of their value,” alleged U.S. Attorney Robert Brewer. “We will continue to investigate and prosecute this type of stock fraud.”
September 22, 2020 at 02:00PM
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'Sophisticated network': Oakville man, 36, wanted by the FBI and authorities want public's help - InsideHalton.com
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