79°F
weather icon Clear
Las Vegas, NV
Courts

Las Vegas lawyer cleared in $300M fraud trial

(Thinkstock)
More Stories
Eddi Moreno, center, who is accused of shooting and killing his next-door neighbor after the ma ...
Judge sets bail at $100K for man accused of killing neighbor
Jon Gruden-NFL dispute must go to arbitration, Nevada Supreme Court rules
‘I’m surprised it doesn’t happen more frequently’: How a custody battle became a fatal shooting
Las Vegas woman facing charges in Jan. 6, 2021, Capitol riot
By / Las Vegas Review-Journal
May 7, 2018 - 7:00 pm
 
Updated May 7, 2018 - 9:21 pm

A Las Vegas lawyer has been cleared of wrongdoing in a $300 million market manipulation scheme after a five-week trial in New York.

Kyleen Cane, managing partner of the firm Cane Clark LLP, was acquitted of three counts on Friday, while a former financial services executive was found guilty on fraud and conspiracy charges, according to the Department of Justice.

Abraxas J. Discala, ex-husband of “The Sopranos” star Jamie-Lynn Sigler and former CEO of OmniView Capital Advisors LLC, was convicted of eight counts and faces up to 20 years in prison.

In what prosecutors called a “pump and dump scheme,” Discala and Cane were accused of inflating the prices of penny stocks between late 2012 and July 2014, selling them to the elderly and investors, while pocketing the profits.

Contact David Ferrara at dferrara@reviewjournal.com or 702-380-1039. Follow @randompoker on Twitter.

THE LATEST
 
3 accused of trafficking 45 pounds of fentanyl to Henderson
By Ricardo Torres-Cortez / RJ

A Clark County grand jury indicted three men accused of trafficking nearly 45 pounds of fentanyl, the illicit opioid said to be many more times more powerful than morphine.