Financial Fraud News Update

Offices of the United States Attorneys   You are subscribed to Financial Fraud news updates. This information has recently been updated, and is now available. Fifth Manager Sentenced in Scheme to Defraud Midwest Livestock Producers 07/02/2024 08:00 AM EDT Canadian Man Sentenced to 3½ Years in Prison for Role in Penny Stock Scheme that Caused More Than $215 Million in Losses 07/02/2024 08:00 AM EDT A former trader for a group of hedge funds was sentenced today to 42 months in federal prison for participating in a scheme that manipulated penny stock prices to inflate the hedge fund's reported profits – fraudulent gains that generated millions of dollars in management and performance fees – and caused investors to lose more than $215 million when the funds collapsed. Two Additional Defendants Arrested In Iowa And Wisconsin In Relation To Nationwide, Multimillion Dollar Return-Fraud Scheme 07/02/2024 08:00 AM EDT Tampa, Florida – United States Attorney Roger B. Handberg announces the arrests of Brock David Fischer (27, Robins, Iowa), a/k/a "iFruit," and Miguel Angel Fortier, Jr. (24, Milwaukee, Wisconsin), a/k/a "Destined," on an indictment charging them with conspiracy to commit mail fraud. If convicted, each faces a maximum penalty of 20 years in federal prison. The indictment also notifies the defendants that the United States is seeking an order of forfeiture in the amount of the proceeds of the charged criminal conduct. Fortier made his initial appearance on June 28, 2024, in Milwaukee, Wisconsin, and was released on conditions pending his trial in Tampa. Fischer will make his initial appearance today in Cedar Rapids, Iowa. You have received this e-mail because you have asked to be notified of changes to the Offices of the United States Attorneys website. GovDelivery is providing this service on behalf of the Executive Office for United States Attorneys, Department of Justice, 950 Pennsylvania Ave., NW · Washington, DC 20530 · 202-514-2000 and may not use your subscription information for any other purposes. Manage your Subscriptions | Department of Justice Privacy Policy  | GovDelivery Privacy Policy Follow the Offices of the United States Attorneys on Twitter: @USAttorneys