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by Mike Caswell

Ann Hiskey, a defendant who managed to avoid jail for the Moneyline Brokers fraud, will not escape without a financial penalty. A Virginia judge has ordered her to pay $1.09-million in restitution. (All figures are in U.S. dollars.) If she does not pay immediately, she must hand over 25 per cent of her income.

Prosecutors claimed that Ms. Hiskey and others, including a Canadian named Michael Randles, participated in the manipulations of a group of penny stocks through Moneyline, an offshore brokerage. The companies included an Ontario-linked listing called Everock Inc. The overall scheme generated $6.5-million in gains, with investors suffering $1.02-million in losses while Ms. Hiskey was a participant.

While many people went to jail for the fraud, Ms. Hiskey avoided that fate. Prosecutors had sought two years for her, citing her knowing participation in a large-scale fraud. Prior to the scheme she had been a financial adviser, and her role in the manipulations included helping with trades and finding people to promote the stocks.

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