Beverlee Kamerling, 65, of Bellevue was sentenced last week by U.S. District Judge Richard Jones to 90 months (7+ years) in prison for her role in a “pump and dump” securities fraud scheme in which more than 3,300 investors lost over $2.4 million.
As part of the scheme, the conspirators acquired publicly traded “shell” companies, hid their association with the companies, falsified and concealed material information on disclosure documents made available to the investing public, and then used faxes and press releases to try to boost the stock price. The conspirators then sold stock through nominees at a profit and laundered the money overseas.
The companies named in the Indictment were all Washington corporations: America Asia Energy Corporation, Coattec Industries, Inc., Detex Security Systems, Inc, and Global Gaming Network, Inc. Kamerling was ordered to pay $2,471,784 in restitution.
At sentencing Jones told Kamerling, “You just don’t get it … you exhibit total contempt for the law and ethics…. While I don’t believe you were the kingpin … you served as the adhesive for a house built on ill-gotten gain.”
“Ms. Kamerling is a serial fraudster who repeatedly thumbed her nose at securities regulators and the criminal justice system,” said U.S. Attorney Jeffrey C. Sullivan. “[The] sentence is a fair and just outcome following a lengthy and detailed investigation.”
“I don’t understand why anyone would risk both their livelihood and their freedom to steal from investors,” said Kevin Hanff, the IRS Assistant Special Agent in Charge of Washington. “We in law enforcement are paying attention, we take these cases seriously, and 7 1/2 years in prison sends a strong deterrent message.”
Ten individuals were convicted of various offenses in connection with the case. Joel Ramsden, 34, of Delray Beach, Fla., was sentenced to six years in prison, and Kamerling son, Nicholas J. Alexander, 24, who resided in Bellevue and in Florida, was sentenced to 41 months in prison. Disbarred Bellevue lawyer Tolan S. Furusho, 39, was sentenced last month to 13 months in prison for his role in the scheme, and for failing to file federal income tax returns.
Several other defendants were convicted of perjury for false statements they made to the grand jury in Seattle that was investigating the scheme, or for other efforts to obstruct justice.
Seth Quinto, 38, of Miami, was sentenced to 15 months. Jamie Goldstein, 37, of Boca Raton, Fla., was sentenced to five months, and his father, Donald Goldstein, 67, of Highland Beach, Fla., was sentenced to three months in prison.
Frazer Ramsden (the older brother of co-defendant Joel Ramsden), 36, of Plantation, Fla., was sentenced to 41 months in prison. John E. Worthen, 67, of Salt Lake City, pled guilty to conspiracy to obstruct justice, and was sentenced to 18 months’ imprisonment.
In asking for a 10 year prison term, Assistant United States Attorney Jim Lord wrote to the court that “Kamerling has exhibited a total contempt for our system of laws and justice, has not been deterred by the prior civil enforcement actions against her, and has continued unabated in fraudulent schemes for over twenty years.”
The case was investigated by the Washington State Department of Financial Institutions (DFI), the FBI, the U.S. Postal Inspection Service (USPIS), and the Internal Revenue Service Criminal Investigation (IRS-CI).
