WILMINGTON, Del. -- Prosecutors said on Thursday that a California man has been sentenced to four years in prison after his guilty plea to securities fraud and money laundering charges.
Twenty-seven-year-old Matthew W. Brown of Tustin, Calif., was also fined $50,000 and ordered to forfeit nearly $4.8 million at sentencing Wednesday in U.S. District Court in Wilmington, Del.
According to Brown's plea agreement, he and his conspirators plotted to manipulate the prices of publicly traded stocks. The intent was to increase the price of the stock, which Brown and his conspirators would then sell, generating proceeds.
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