Earlier in the present day, in federal courtroom in Brooklyn, Dennis Mancino, the previous Chief Government Officer of HD View 360, Inc., a publicly traded penny inventory firm that presupposed to distribute and set up safety surveillance programs, was sentenced by United States District Decide Kiyo A. Matsumoto to fifteen months’ imprisonment for conspiracy to commit securities fraud. Mancino’s conviction stemmed from his participation in a scheme to control the value and buying and selling quantity of HD View’s inventory, which traded beneath the ticker image HDVW. Mancino was additionally ordered to pay greater than $1.2 million in restitution and $257,000 in forfeiture. Mancino pleaded responsible in September 2019.
Mark J. Lesko, Performing United States Legal professional for the Japanese District of New York, introduced the sentencing.
“As we speak, Mancino has been held accountable for abusing the belief of greater than 1,200 of his personal buyers with the intention to line his pockets,” said Performing United States Legal professional Lesko. “As this case demonstrates, we stay dedicated to defending the investing public and the integrity of the monetary markets from fraudulent schemes akin to these superior by the defendant.” Mr. Lesko expressed his due to the Federal Bureau of Investigation, New York Subject Workplace, and america Securities and Trade Fee, New York Regional Workplace and Washington, D.C. Workplace, for his or her invaluable efforts within the case.
Between July 2017 and February 2018, Mancino conspired to extend HD View’s inventory worth by executing quite a few fraudulent matched trades designed to create the false look that HD View’s inventory worth had risen because of real market demand. As soon as HD View’s inventory worth elevated, the conspirators offered the inventory for revenue and precipitated greater than $1.2 million in losses to greater than 1,200 HD View buyers. Mancino additionally agreed to pay kickbacks to inventory brokers who would execute manipulative trades designed to extend the value and buying and selling quantity of HD View’s inventory.
The case is being dealt with by the Workplace’s Enterprise and Securities Fraud Part. Assistant United States Attorneys David Gopstein and Michael T. Keilty are answerable for the prosecution.
Residence: Miami, Florida
E.D.N.Y. Docket No. 18-CR-296 (KAM)