The U.S. attorney’s office for the Eastern District of New York announced that Gregg Mulholland, a dual U.S. and Canadian citizen, has been sentenced to 12 years in prison over his role in a series of pump and dump schemes and money laundering.

Mulholland has also been ordered to forfeit assets, including an airplane, real estate in British Columbia, and financial assets in more than 25 bank and brokerage accounts, after he pled guilty to money laundering conspiracy in connection with manipulating the stocks of more than 40 U.S. publicly-traded companies and laundering more than US$250 million in fraudulent proceeds through at least five offshore law firms.

According to the U.S. attorney’s office, Mulholland secretly owned Legacy Global Markets S.A., an offshore broker-dealer and investment management company based in Panama and Belize.

Mulholland’s accomplice, Robert Bandfield, was sentenced to six years in prison. He also pled guilty to money laundering conspiracy for his role in the schemes.