Yafa Brothers Lose Bid to Lower Stock Fraud Sentences on Appeal

Brothers Jamie and Joshua Yafa lost their bid to have their sentences recalculated and securities fraud convictions tossed from participating in an alleged pump-and-dump scheme using a purported Covid test-maker’s stock.

The US Court of Appeals for the Ninth Circuit ruled Thursday that the lower court didn’t err in using the alleged financial gain that resulted from the Yafas’ actions as an alternative measure for loss. And it found that the brothers, who were indicted after an undercover sting operation of a purported pump-and-dump scheme of Global WholeHealth Partners Corp. and Nunzia Pharmaceutical Corp. stock, had a fair trial using ...