Federal jury convicts three in NuTech securities fraud
GILLETTE — A federal jury in Cheyenne returned guilty verdicts against three men related to a stock fraud involving NuTech Energy Resources Inc., a company that claimed to operate coalbed-methane wells in Wyoming.
Justin Herman, 50, of Canonsburg, Pennsylvania, and Charles “Chuck” Winters Jr., 61, of Bradenton, Florida, were convicted of fraud and identity theft crimes, said Acting United States Attorney Bob Murray.
Attorney Ian Horn, 67, of Brandon, Florida, was acquitted of the charged fraud crimes but convicted of making a false statement to the grand jury.
According to court documents and evidence presented at trial, Herman and Winters conspired with Robert “Bob” Mitchell, who pleaded guilty earlier this year, to pump and dump NuTech stock. A “pump and dump” is a form of securities fraud where the conspirators manipulate demand for a stock and the stock’s price, and then sell their worthless shares of the stock to the public at the artificially high price.
Read more: https://trib.com/news/state-and-regional/crime-and-courts/federal-jury-convicts-three-in-nutech-securities-fraud/article_2585b9f3-55f7-531e-beb9-c73759038092.html
(Casper Star Tribune)