Former CEO of Publicly Traded Company Sentenced to 15 Months’ Imprisonment and Ordered to Pay More Than $1.2 Million in Restitution for Securities Fraud Conspiracy
Earlier today, in federal court in Brooklyn, Dennis Mancino, the former Chief Executive Officer of HD View 360, Inc., a publicly traded penny stock company that purported to distribute and install security surveillance systems, was sentenced by United States District Judge Kiyo A. Matsumoto to 15 months’ imprisonment for conspiracy to commit securities fraud. Mancino’s conviction stemmed from his participation in a scheme to manipulate the price and trading volume of HD View’s stock, which traded under the ticker symbol HDVW. Mancino was also ordered to pay more than $1.2 million in restitution and $257,000 in forfeiture. Mancino pleaded guilty in September 2019.
Mark J. Lesko, Acting United States Attorney for the Eastern District of New York, announced the sentencing.
“Today, Mancino has been held accountable for abusing the trust of more than 1,200 of his own investors in order to line his pockets,” stated Acting United States Attorney Lesko. “As this case demonstrates, we remain committed to protecting the investing public and the integrity of the financial markets from fraudulent schemes such as those advanced by the defendant.” Mr. Lesko expressed his thanks to the Federal Bureau of Investigation, New York Field Office, and the United States Securities and Exchange Commission, New York Regional Office and Washington, D.C. Office, for their invaluable efforts in the case.
Between July 2017 and February 2018, Mancino conspired to increase HD View’s stock price by executing numerous fraudulent matched trades designed to create the false appearance that HD View’s stock price had risen as a result of genuine market demand. Once HD View’s stock price increased, the conspirators sold the stock for profit and caused more than $1.2 million in losses to more than 1,200 HD View investors. Mancino also agreed to pay kickbacks to stock brokers who would execute manipulative trades designed to increase the price and trading volume of HD View’s stock.
The case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorneys David Gopstein and Michael T. Keilty are in charge of the prosecution.
Residence: Miami, Florida
E.D.N.Y. Docket No. 18-CR-296 (KAM)