Washington Woman Sentenced in $2.4 Million Securities Fraud Scheme

BEVERLEE KAMERLING, 65, of Bellevue, Washington, was sentenced today 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 U.S. District Judge Richard 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.”

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