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by Mike Caswell

Vancouver's Shane Schmidt has avoided prison for his part in the 2020 pump-and-dump of Sandy Steele Unlimited Inc., a purported "wearable tech" company. Federal prosecutors in Boston said that Mr. Schmidt was part of a scheme that boosted the stock amidst claims about "revolutionary heated garments." His role included controlling Sandy Steele through an alias and helping others conceal their substantial positions in the stock, the government said.

Mr. Schmidt, who previously pleaded guilty, received his sentence in an appearance before a judge in Boston on Monday, Aug. 11. The judge ordered him to serve one year of probation. He must also forfeit $15,802 and pay a $2,000 fine. (All figures are in U.S. dollars.)

The ruling is a victory for Mr. Schmidt, who previously said that he would lose his job and his home if he went to jail for the scheme. He now works as a safety officer on a construction site, earning $60,000 per year. His employer considers him an essential person and would dismiss him if he could not attend work for more than a few days, he claimed.

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