The couple, originally charged with a 24 count indictment in February last year, were each convicted on one count of conspiracy to commit wire fraud, securities fraud and money laundering. Gordon was also convicted on nine counts of wire fraud, five counts of securities fraud, five counts of money laundering and one count of making a false statement to the US Securities and Exchange Commission. Clark was also convicted on seven counts of wire fraud, five counts of securities fraud and one money-laundering charge.

Gordon and Clark manipulated the penny stocks of three separate companies between April 2004 and December 2006. Evidence presented at trial suggested that they obtained a majority of the free trading shares of these companies through fraudulent means, and then hid their shares with various nominees, such as friends, relatives and other entities. They used unsolicited fax and email spam to persuade naive investors to purchase more stock. The spam touted stocks without accurately disclosing who was paying for the promotions, admitted that the defendant intended to sell their shares, and resulted in artificially inflated stock prices.

"These defendants illegally manipulated the stock market by deceiving potential investors about the true worth of the stocks they were buying. Investors were left with nearly worthless stock while these defendants reaped more than $44 million in profits," said assistant attorney General Breuer. "Investors deserve accurate information."

In many cases of pump and dump stock fraud, the companies targeted are in China. They are little known organizations, which makes it more difficult for naïve investors to track them. However, Clark and Gordon used three US firms. Two of the companies were based in Tulsa: Deep Rock Oil and Gas, and Global Beverage Solutions. The third company, National Storm Management Group, is based in Illinois.

The government wants to take Gordon's multimillion dollar house, and the proceeds of three bank accounts. He was also convicted on one count of wire fraud and another of obstructing justice in connection with a fourth penny stock: International Power Group, based in New Jersey. In addition to his share of over $44 million fraudulently obtained by pumping and dumping the three penny stocks, he also faces criminal forfeiture of $2.74 million in connection with IPG.

Clark and Gordon face a maximum sentence of five years in prison and a $250 000 fine for each of the conspiracy and false statement charges. Each charge of wire fraud, in addition to the obstruction of justice conviction, carry a maximum sentence of 20 years in prison and a $250 000 fine. The maximum sentence for each securities fraud count is 20 years in prison and a $5 million fine, while each money laundering count could bring up to 10 years in prison and a $250 000 fine.