Date: 03-02-2018

Case Style:

Case Number: 13-CR-452

Judge: Eric N. Vitaliano

Court: United States District Court for the Eastern District of New York (Queen County)

Plaintiff's Attorney: Tyler Smith and Mark Bini

Defendant's Attorney: Joel Mark Stein

Description: Brooklyn, NY - Stock Promoter Sentenced to 27 Months in Prison for His Role in International Pump and Dump Scheme
Roy Sahachaisere Was Convicted at Trial of Fraudulently Inflating the Value of Penny Stocks

On February 23, 2018, in federal court in Brooklyn, stock promoter Songkram Roy Sahachaisere was sentenced by United States District Judge Eric N. Vitaliano to 27 months’ imprisonment for participating in a multi-million dollar international market manipulation scheme. Sahachaisere was convicted in November 2015, following more than five weeks of trial, of conspiring to commit securities fraud, conspiring to commit wire fraud, two counts of wire fraud and one count of securities fraud.

Richard P. Donoghue, United States Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the sentence.

According to court documents and trial testimony, Sahachaisere participated in an international “pump and dump” operation, which fraudulently pumped up the share price of worthless penny stocks, and then dumped billions of shares on unsuspecting victim investors across the globe. They “pumped up” the share prices of the companies’ stock by engaging in fraudulent and illegal sales campaigns, which included distributing false press releases, announcing non-existent business ventures and fake mergers, posting false information on Internet message boards and bribing stock promoters. These schemes fraudulently inflated the value of the shares by approximately $100 million. Sahachaisere’s role in the scheme was to arrange promoters to “pump” the stocks to potential victims. Sahachaisere also conspired with other members of the conspiracy to artificially affect the trading price and volume of stocks so that they appeared legitimate to investors. In addition, the conspiracy used brokerage houses to manipulate transfers of shares, effectuating matched and wash trades in their targeted securities. Six co-defendants of Sahachaisere were previously convicted and sentenced. Two co-defendants are awaiting sentencing.

“Songkram Roy Sahachaisere, a licensed broker, defrauded investors across the globe through an international pump and dump scheme,” stated United States Attorney Donoghue. “His sentence should serve as a warning to those who would consider manipulating the securities markets for their own personal gain.” Mr. Donoghue extended his grateful appreciation to the FBI, which led the government’s investigation, and thanked the Internal Revenue Service, Criminal Investigation, New York; Homeland Security Investigations, Department of Homeland Security, Buffalo; Treasury Inspector General for Tax Administration; and the Royal Canadian Mounted Police and law enforcement authorities in England, Thailand and China for their assistance in this case.

“Sahachaisere promoted a scheme to overstate the value of stocks and sell them to unwitting investors worldwide,” stated FBI Assistant Director-in-Charge Sweeney. “This elaborate plan had but one simple intention, which was to profit from the misfortune of others. Today’s sentencing holds him accountable for his crimes.”

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorneys Tyler Smith and Mark Bini are in charge of the prosecution, with assistance provided by Assistant United States Attorney Karin Orenstein of the Office’s Civil Division, which is responsible for the forfeiture of assets.

The Defendant:

SONGKRAM ROY SAHACHAISERE
Age: 48
Newport Beach, California

Defendants Previously Sentenced:

SANDY WINNICK
Bangkok, Thailand

GREGORY CURRY
Bangkok, Thailand

GREGORY ELLIS
Ontario, Canada

CORT POYNER
Boca Raton, Florida

WILLIAM SEALS
Fallbrook, California

KOLT CURRY
Ontario, Canada

Defendants Awaiting Sentencing:

GREGORY KERSHNER
Tucson, Arizona

JOSEPH MANFREDONIA
Tom’s River, New Jersey

Outcome: Defendant was sentenced to 27 months’ imprisonment.

Plaintiff's Experts:

Defendant's Experts:

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