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by Mike Caswell

A U.S. federal judge in New York has imposed a 27-month sentence on Julius Csurgo, a Toronto-area man who pleaded guilty to charges arising from a $35-million pump-and-dump scheme on the U.S. markets. (All figures are in U.S. dollars.) Prosecutors claimed that Mr. Csurgo realized $9.6-million from the scheme, which "generated fabulous wealth for him and his cronies." The government said that Mr. Csurgo, 71, was part of a group that included associates in Europe, the Bahamas and Canada.

Mr. Csurgo's sentence is contained in a judgment handed down on Tuesday, Sept. 8. In addition to the 27-month jail term, the judge has imposed one year of supervised release. The judge also ordered Mr. Csurgo to forfeit $9.6-million, which Mr. Csurgo previously agreed to hand over.

The decision comes with prosecutors having sought three years in prison for Mr. Csurgo, saying that his crime warranted a significant jail term. He and his associates, motivated by "pure greed," repeatedly boosted U.S. listings in a "brazen and classic pump-and-dump scheme" designed to steal millions of dollars from innocent investors, the government said.

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