David Aubel Pleas Guilty in Green Energy Case

David Aubel Pleas Guilty in Green Energy Case

David Aubel has pled guilty in Massachusetts federal court to arranging a 2012 pump-and-dump scheme to manipulate the stock price of a waste and recycling company.

David Aubel, 59, admitted to securities fraud, wire fraud, and conspiring to commit those crimes with a New Hampshire-based partner to exploit the penny stock of Green Energy Renewable Solutions Inc. His partner, Robert J. Raffa, pled guilty in September.

Green Energy Pump-and-Dump Scheme

Aubel and Raffa allegedly bought millions of Green Energy shares and used four foreign entities to hide their controlling interest from the U.S. Securities and Exchange Commission. Prosecutors claim that the pair drove up the price of the shares by hiring a stock promoter to advertise the business in two rounds of email blasts and by making end-of-day share purchases.

When the price spiked during these promotional campaigns, Aubel and Raffa sold their shares. The pair had planned to sell substantially more through someone they believed to be a corrupt stockbroker, who actually was undercover FBI agent Christopher J. Burke.

According to a 2016 indictment and an affidavit from Burke, he caught the pair attempting to give brokers kickbacks for selling Green Energy shares.

Sentencing Scheduled for 2018 for David Aubel

The judge has scheduled sentencing for David Aubel for March 2018. Under the plea deal, Robert J. Raffa agreed with prosecutors’ assessment that he and his business partner stole more than $1.6 million. Under the deal, the government agreed not to appeal a prison sentence of 51 months or more and Aubel agreed not to appeal a sentence of 63 months or less.

Aubel’s partner Raffa has jointly agreed with prosecutors to spend one to three years behind bars, according to his plea agreement.

Investors Who Lost Money Coming Forward

Prosecutors have worked to contact potential victims of the Green Energy pump-and-dump scheme. To date, the government has contacted about 500 people who lost $500 or more. At least 55 sizable investors from across the U.S. have responded so far, claiming they were swindled out of a total of $238,000. Many other investors who lost smaller amounts also have come forward.

Have You Lost Money in an Investment Scheme?

If you believe you have been the victim of an investment scheme, you may have certain legal rights that require your immediate attention.

Call an Investment Fraud Attorney Today

If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.

With offices in Los AngelesNew YorkWest Palm Beach and Miami, our investment fraud attorneys represent clients nationwide and may be able to help you recover your investment losses.

Contact an investment fraud attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.

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