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Heckmann Corporation Message Board

  • gscgaryc gscgaryc May 10, 2013 11:53 AM Flag

    More Wall st criminals caught

    FBI Informant Tape Records G&S Stock Promotion SchemeWritten: May 9, 2013

    From July 2007 through February 2008, Christopher Kline, 49, York, PA, participated in a scheme in which one of his clients, William Curtis, 50, Naperville, IL, agreed to pay secret cash bribes to a confidential informant (“CI”) working with the Federal Bureau of Investigation (“FBI”). The CI posed as a financial adviser who, in exchange for receiving the bribes from Curtis, purportedly convinced “investors” to purchase on the Pink Sheets the common stock of G&S Minerals, Inc. (“G&S”) that Curtis controlled.

    A Little Sumthin' For Ya Troubles

    Curtis agreed to pay the CI a 30% kickback of any orders placed by the CI, and, in turn, the CI agreed to pay 10% of the kickback to Kline. In FBI-recorded conversations, Kline
    •discussed with the CI specific price and volume targets for the purchases and orders placed by the CI on behalf of his “investors,”
    •facilitated the bribe payment from Curtis to the CI, and
    •was overheard collecting his 10% kickback.
    Guilty Pleas

    In October 2009, Curtis pled guilty in Manhattan federal court to one count of participating in a conspiracy to commit securities fraud and commercial bribery, and one count of securities fraud. In June 2010, he was sentenced to three years of probation and ordered to pay a $200 special assessment.

    On May 8, 2013, Kline pled guilty to one count of participating in a conspiracy to commit securities fraud and commercial bribery, and one count of securities fraud. At sentencing scheduled for September 2013, he faces a maximum combined penalty of 25 years in prison and a maximum fine of $5,000,000. In addition, Kline agreed to a $2,000 forfeiture.

    A Sting That Stung

    The FBI is to be congratulated for its execution of the "sting" that lead to the convictions in these cases. For those of you who are truly interested in understanding the nature of fraud in our markets, the Indictment in USA v.

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    • Being a law student and a law clerk in the federal judiciary, I see things like this all the time. It has become a reality. Sadly, this isn't half as bad as a lot of the criminal and civil proceedings I've seen.

      Sentiment: Strong Buy

    • Indictment in USA v. Kline (SDNY, 12-CR-701), offers not only an intriguing tale but does so in a most readable fashion. I urge you to take some time to familiarize yourself with the dirty underbelly of the securities industry ymb cuts of msg today 3x

      • 2 Replies to gscgaryc
      • T4 No doubt the reasons they continue to repeat the crimes are the fines and penalties; see what was handed down in Oct. 09. So if they made 100k they net 98k why not continue

        In October 2009, Curtis pled guilty in Manhattan federal court to one count of participating in a conspiracy to commit securities fraud and commercial bribery, and one count of securities fraud. In June 2010, he was sentenced to three years of probation and ordered to pay a $200 special assessment
        thoughts

      • gary..curious..when I'm changing messaging boards I automatically get the Yahoo stock board come-up....and "NO I DIDN"T HIT THE WRONG KEY". You don't think they would do that intentionally do you ? Anyone else experience that phenomenon ? LSP