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by Mike Caswell

A U.S. federal judge has imposed a one-year jail term on Christopher Bongiorno, the Ohio man charged over his touting of TSX Venture Exchange listing Petroteq Energy Inc. and another stock. Prosecutors said that Mr. Bongiorno, using the alias "John Powers," operated call rooms and received illegal kickbacks in the form of undisclosed commissions. He was part of an operation that manipulated thinly traded stocks from 2016 to 2019, according to prosecutors.

In addition to the one-year prison sentence, the judge ordered Mr. Bongiorno to serve three years of supervised release. He must also pay restitution in an amount to be determined. On top of that, he must undergo substance abuse testing and is not permitted to work in a capacity that would involve the purchase, sale or trading of securities.

There was no trial for Mr. Bongiorno, as he previously pleaded guilty to one count of conspiracy to commit securities fraud. He has been free on bond since his arrest, but must report to prison on June 30, 2025. The judge recommended that Mr. Bongiorno be placed at FCI Elkton, a low-security prison in Ohio.

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