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by Mike Caswell

Colin Heatherington, the Vancouver Island man charged for the $215-million Absolute Capital Management Holdings Ltd. fraud, has received 3-1/2 years in prison. (All figures are in U.S. dollars.) California prosecutors claimed that he and others defrauded investors through a "portfolio-pumping" operation that involved manipulating U.S.-listed penny stocks. Mr. Heatherington realized millions of dollars in gains, which he spent on travel, a $7.4-million house and the joint purchase of a yacht with his co-accused, which the men named "No Remorse."

Mr. Heatherington, 49, received his sentence in an appearance before a federal judge in Los Angeles on Tuesday, July 2. In addition to the prison term, the judge imposed a $215-million restitution order. There was no trial for Mr. Heatherington, as he previously pleaded guilty to a charge of conspiracy to commit securities fraud and wire fraud. He must surrender to the Bureau of Prisons on Sept. 4, 2024, to begin serving his sentence.

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