Man accused of $17M 'pump-and-dump' scheme walks free

The U.S. took too long to charge an owner of a New York brokerage with orchestrating a $17 million pump-and-dump scheme, a judge ruled in throwing out the indictment. Guy Gentile was accused by the government of buying shares of Raven Gold Corp. and Kentucky USA Energy Inc. from 2007 to 2008, then pumping up the shares through manipulative trading and misleading promotional materials. Gentile said in court filings that he cooperated with prosecutors and provided information that led to other arrests. (More: Finra bars former Hilliard Lyons broker) U.S. District Court Judge Jose Linares in Newark, New Jersey, granted his request to dismiss the case in an opinion on Monday, ruling a five-year statute of limitations to charge Gentile had already expired when he was indicted in March 2016. "It has been a grueling few years as I've battled to clear my name," Gentile said in a statement. He thanked his lawyers and friends for giving him the strength to fight the government. (More: Adviser banned for cherry picking trades to reward himself over clients) Matthew Reilly, spokesman for U.S. Attorney Paul Fishman, declined to comment on the ruling.