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Three Defendants Sentenced For Conspiracy To Commit Securities And Email Fraud
A Sarasota, Fla., man has been sentenced to five years in prison and two years of supervised release for conspiring to commit both securities fraud and email fraud stemming from stock manipulation scheme involving four publicly-traded companies – Masslick Inc., eDollars Inc., Emerging Holdings Inc., and China Score Inc. – Assistant Attorney General Alice S. Fisher of the Criminal Division and U.S. Attorney Chuck Rosenberg for the Eastern District of Virginia announced today.
Stephen P. Luscko, 39, was sentenced today in federal court in Alexandria, Va. Luscko’s co-conspirators included Gregory Alphonse Neu, 30, of Boca Raton, Fla., and Brian George Brunette, 29, of Miramar, Fla., who were previously sentenced for their roles in the stock manipulation schemes. Neu was sentenced to five years in prison and three years supervised release; Brunette, who only participated in the stock manipulation scheme involving Massclick, was sentenced to one year and a day in prison and three years supervised release. The District Court will resolve outstanding restitution issues on June 8, 2007. The government has seized more than $3 million from bank accounts associated with the co-conspirators. Read more at usdoj.gov.
Transfer Trades: Entries made upon the books of Futures Commission Merchants
Transfer Trades: Entries made upon the books of Futures Commission Merchants for the purpose of: (1) transferring existing trades from one account to another within the same firm where no change in ownership is involved; (2) transferring existing trades from the books of one FCM to the books of another FCM where no change in ownership is involved. Also called Ex-Pit Transactions.
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Definition:
A strategy involving the simultaneous purchase and sale of identical or equivalent commodity futures contracts or other instruments across two or more markets in order to benefit from a discrepancy in their price relationship. In a theoretical efficient market, there is a lack of opportunity for profitable arbitrage. See Spread.
Backwardation
Definition:
Market situation in which futures prices are progressively lower in the distant delivery months. For instance, if the gold quotation for January is $360.00 per ounce and that for June is $355.00 per ounce, the backwardation for five months against January is $5.00 per ounce. (Backwardation is the opposite of contango ). See Inverted Market.
Par
Definition:
Refers to the standard delivery point(s) and/or quality of a commodity that is deliverable on a futures contract at contract price.
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