Details of the fraud
Eight individuals are allegedly involved in this fraud case, including residents of Canada, Spain, Monaco, Bulgaria, the Cayman Islands, and the United Kingdom.
Ronald Bauer, a dual citizen of Canada and the U.K., is named as the primary strategist in all but two of the schemes.
The fraudsters in the so-called “Bauer Ring” include venture capitalists and others heavily involved in the finance industry.
Besides Bauer and Sidoo, the group was composed of Craig James Auringer and Adam Christopher Kambeitz, also Canadians, as well as Alon Friedlander, Massimilano Pozzoni, Daniel Mark Ferris, and Petar Dmitrov Mihaylov.
The fraudsters are alleged to have perpetrated the pump-and-dump scheme with at least 17 publicly traded companies over a 14-year period.
In total, the group is estimated to have gained $145 million in illicit profits from the sale of these shares.