posted
read this and thought it was interesting how he almost got away with it... from googling a bit, the stock symbol for Pro Net Link was PNLK anyone remember it?
NEWARK, N.J. -- A French citizen who lives in New York City was sentenced Thursday to 50 months in federal prison for conspiring with at least 12 other people to bilk investors of more than $20 million.
Jean Pierre Collardeau, 63, admitted at a plea hearing in August 2004 that in seeking financing for his company, Pro Net Link, he conspired with a group of career swindlers who defrauded investors by manipulating the price of the penny stock.
Collardeau pleaded guilty to conspiracy to commit securities fraud for not fully disclosing the extent to which he controlled stock in the company. Prosecutors said he secretly controlled millions of dollars worth of the company's stock issued in the names of foreign individuals and foreign companies.
At the sentencing hearing, Collardeau agreed to forfeit three New York housing units, worth about $3 million, and more than $940,000 in cash. The cash and properties will be used to compensate defrauded investors, the U.S. Attorney's Office said.
Others involved in the conspiracy are awaiting sentencing.
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