Agoracom Blog

Pump and Dump Fraudster Gets Sentenced To 7 Years For Pumping Stock 3500%

Posted by AGORACOM at 3:24 PM on Friday, March 23rd, 2007

The Toronto Star today reported that Michael Mitton has been sentenced to 7 years in jail for a pump and dump scam.  The stock in question was Pender Int’l Inc, a company whose only asset was a partial stake in a worthless, flooded mine in northern Ontario.  His two fraud convictions were his 104th and 105th over a 30-year period.  I can forgive a guy for 103 convictions but 104 is definitely crossing the line.

Give him credit for one thing, Pender’s share price rose from thirty cents (U.S.) to $11.25, or more than 3,700 per cent, in a 35-day period on the OTCBB.  The pump and dump community has lost one of its finest today. Enter the trumpets.

On a serious note, it is great to see the crackdown in stockspam and pump and dump schemes.  The small-cap and micro-cap industry desperately needs to weed out empty companies and stock promoters, while giving real companies an opportunity to flourish without being tainted by the “promo” brush.  Let’s hope to see more busts in the next several weeks and months.


2 Responses to “Pump and Dump Fraudster Gets Sentenced To 7 Years For Pumping Stock 3500%”

  1. AGORACOM says:

    Hey, David. Sorry for the delay in responding as I was in Vancouver. Don’t know but you might want to try searching for it and reporting back. I’ll post a follow-up to it.


  2. David Norton says:

    Was wondering if anyone has heard what happened to the other two parties charged with Mitton RE: the Pender deal