Las Vegas lawyer cleared in $300M fraud trial
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.
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