NEW JERSEY NEWS
January 24, 2014
Public Information Officer
Tel: (973) 776-1143
Leader of "Pump and Dump" Stock Fraud Scheme Sentenced in Manhattan Federal Court to Nine Years in Prison
JAN 24 (NEW YORK)  - Carl J. Kotowski, Special Agent in Charge of the Drug Enforcement Administration's New Jersey Division, and Preet Bharara, the United States Attorney for the Southern District of New York, announced that David Levy was sentenced today to nine years in prison after having been found guilty by a federal jury for orchestrating "pump and dump" stock fraud schemes that employed the Internet and social networking sites, among other tools, to manipulate the price of penny stocks as well as participating in an international money laundering scheme. David Levy was sentenced in Manhattan federal court by U.S. District Judge Paul A. Crotty who also presided over the three-week jury trial. David Levy's wife and co-defendant, Donna Levy, who also was found guilty by the federal jury for her role in this and other schemes, is scheduled to be sentenced by Judge Crotty on February 5, 2014.
Manhattan U.S. Attorney Preet Bharara said: "With today's sentence David Levy will now pay a heavy price for the massive 'pump and dump' schemes that he and his wife orchestrated, which defrauded multiple victims of millions of dollars - the loss of his liberty."
According to the evidence introduced at trial, court filings, and statements made in court: