TSX-V member Union's Koenig set for sentencing
[2003-01-07 17:49 PT ]
TSX-V member Union Securities' convicted broker Trevor Koenig is gearing up for his expected sentencing on Jan. 23 in New York. The sentencing judge has already heard the Howe Street broker sing in court, helping to jail the former CEO of WAMEX. more...
TSX Venture Exchange - Street Wire
TSX-V member Union's Koenig set for sentencing
TSX Venture Exchange *TSX
Tuesday January 7 2003 Street Wire
Also WAMEX Holdings Inc (WAMX) Street Wire
by Brent Mudry
Convicted Howe Street broker Trevor Koenig of Union Securities, in jail since his arrest 16 months ago, finally appears to be on the home stretch for his date with destiny. Sentencing for Mr. Koenig in United States District Court for the Southern District of New York, set for Monday after numerous delays, has been rescheduled to Jan. 23. Given the short delay, this date is expected to be firmer than previous dates.
Mr. Koenig will face a judge who seen him in action first hand, signing like a canary on the witness stand. Sentencing the Union broker will be Judge William Pawley III, who presided last year over the WAMEX trial, in which Mr. Koenig testified, and helped send to jail, Mitchell Cushing, the former chief executive officer of WAMEX Holdings.
Mr. Koenig testified for several hours about New York Mafia-related trading in WAMEX shares he handled at the tiny but troublesome White Rock border branch of Union Securities, a controversial Vancouver brokerage. Two other WAMEX defendants: chief administrative officer Russell Chimenti and New York penny stock promoter Roger DeTrano, pled guilty earlier.
In the biggest known Mafia incursion into the Canadian securities industry in recent years, in June, 2000, Union Securities emerged as a major conduit in what U.S. authorities called the largest stock fraud case in U.S. history, an overall case involving more than 100 defendants, including at least 11 members and associates of five different organized crime families. Trading in shares of WAMEX was abruptly halted by the U.S. Securities and Exchange Commission, in conjunction with the predawn arrests of Mr. Cushing and Mr. Chimenti at their homes in the New York area. WAMEX shares last traded at $1.62 just before the raid, down from a peak of $22.50 that February. (All figures are in U.S. dollars.)
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