17:03:24 EDT Thu 28 Mar 2024
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SEC defendant Ficeto unsuccessfully protests sentence

2022-08-23 20:41 ET - Street Wire

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by Mike Caswell

Todd Ficeto, the Beverly Hills broker serving six years in jail for the Absolute Capital Management Holdings Ltd. fraud, has lost an effort to overturn his sentence. He had complained that his trial lawyer was ineffective, failing to call witnesses that would have helped his case and failing to object to the closing arguments of prosecutors. Unfortunately for Mr. Ficeto, the judge has found that none of those things would have altered the outcome.

The finding comes as part of a case in which prosecutors in California cited Mr. Ficeto and others, including Vancouver Island resident Colin Heatherington and fugitive German fund manager Florian Homm, for a $200-million fraud. (All figures are in U.S. dollars.) The government claimed that the men ran a "portfolio-pumping" operation in which they manipulated thinly traded OTC Bulletin Board and pink sheets companies. Mr. Ficeto realized $27-million in gains, which he used to buy fancy homes, expensive cars and a yacht named "No Remorse," the government said.

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