A globe-trotting securities dealer who set up boiler rooms throughout the world in what gave rise to one of the U.S. government’s largest penny stock fraud investigations was sentenced to 6 1/2 years in prison.

Sandy Winick, a Canadian described as a “penny stock fraud kingpin,” was accused of masterminding two schemes that fleeced investors of US$140 million. First, he and associates allegedly peddled dubious stocks at pumped-up values. Then he victimized buyers again by selling them a promise to help recoup their losses in exchange for a fee, the U.S. claimed.

Read the full article at the Financial Post.