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by Mike Caswell
A New York judge has imposed a jail term of two years and three months on Songkram Roy Sahachaisere, one of those charged alongside Toronto's Sandy Winick for an international market manipulation scheme. Prosecutors had sought seven years, claiming that Mr. Sahachaisere participated in a $120-million fraud that Mr. Winick masterminded. (All figures are in U.S. dollars.) The scheme involved the pump-and-dumps of 11 pink sheets and OTC Bulletin Board listings.
Mr. Sahachaisere, 48, received the sentence in a court appearance on Friday, Feb. 23. He is the sixth of eight defendants sentenced in the case, with the longest jail term so far going to Mr. Winick. He is serving a term of 6-1/2 years (which was greatly reduced for reasons that are far from clear -- many of the documents related to his sentence are sealed).
The two-year term for Mr. Sahachaisere falls far short of the seven years that prosecutors had sought. They said that he had a central role in Mr. Winick's fraud, transmitting false and misleading promotional materials for four companies while selling shares through an entity that he controlled. He was also a control person for at least some of the stocks.
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