Litigation Release No. 24387 / January 31, 2019
Securities and Exchange Commission v. David Aubel and Robert Raffa, No. 16-CV-10670 (D. Mass. filed Apr. 7, 2016)
United States v. David Aubel and Robert Raffa, No. 16-cr-10125 (D. Mass. filed Apr. 6, 2016)
Two alleged market manipulators in an SEC enforcement action filed in 2016 have now been sentenced in a parallel criminal case.
The criminal charges against each stem from the same misconduct alleged in the SEC’s complaint filed on April 7, 2016, in the U.S. District Court for the District of Massachusetts. David Aubel, of North Carolina, and Robert Raffa, of New Hampshire, allegedly manipulated the stock of a company that purportedly developed waste processing and recycling facilities.
Raffa previously pled guilty to criminal charges and was sentenced on January 11, 2018 to two years in prison and two years of supervised release. Aubel pled guilty on November 28, 2017 to conspiracy, securities fraud, and wire fraud and was sentenced on January 30, 2019 to 87 months in prison and five years of supervised release and ordered to pay restitution of $242,553. The SEC’s litigation against Aubel and Raffa is pending.