Lawyer is acquitted in alleged scheme to inflate stock price; actress's ex-husband is convicted
Actress Jamie-Lynn Discala and then-husband A.J. Discala at the 8th Annual Hollywood Film Festival’s Hollywood Awards in October 2004 in Beverly Hills, California./Featureflash Photo Agency (Shutterstock.com.)
A Las Vegas lawyer has been acquitted of all charges in an alleged scheme to manipulate the stock price of a technology company.
Federal jurors in Brooklyn, New York, acquitted Kyleen Cane on charges of conspiracy and securities fraud, Law360 reports. Her co-defendant, Abraxas J. “A.J.” Discala, was convicted of securities fraud, wire fraud and conspiracy in the alleged pump-and-dump scheme.
The government had claimed Cane secretly controlled free trading shares of Cubed Inc., a company said to be developing an app, then set up escrow accounts to sell the stock while other conspirators manipulated the price, according to Law360.
Lawyer Roland Riopelle represented Cane.
“The jury saw the accusations the way we did, that our client was a bit of an afterthought,” he told Law360. Cane was trying to help Cubed, he argued. If she was involved in an illegal scheme, he said, why didn’t she sell all the stock and “ride off into the sunset with millions of dollars?”