The U.S. Securities and Exchange Commission reports that a Toronto man has been convicted of securities fraud in a Philadelphia court.

The SEC announced that on Feb. 12, after a three week jury trial prosecuted by the US Attorney’s Office in Philadelphia, George Georgiou, of Toronto, was convicted of securities fraud, conspiracy, and wire fraud for his role in manipulating the market in four microcap stocks: Avicena Group, Inc., Neutron Enterprises, Inc., Hydrogen Hybrid Technologies, Inc., and Northern Ethanol, Inc.

Sentencing is scheduled for May 7, and the SEC says vthat Georgiou faces a maximum sentence of 165 years in prison and US$21.25 million in fines.

The commission also previously filed a civil injunctive action against Georgiou based on similar conduct, seeking a permanent injunction, disgorgement, prejudgment interest, civil penalties, and a penny stock ban. In that case, the allegations have not been proven.

IE