Andrew Coldicutt, a 44-year-old securities attorney from San Diego, was convicted on all 17 counts related to securities fraud, false securities registration statements, and wire fraud for his involvement in two pump-and-dump stock manipulation schemes, the U.S. Attorney’s Office for the Southern District of California announced on Monday.
A pump-and-dump scheme typically involves inflating stock prices through false information, with the intent of selling shares at a profit once the price has been artificially raised. Coldicutt, using his legal expertise, assisted individuals—who were actually undercover FBI agents—in forming shell companies, taking them public, spreading false information, inflating stock prices, and hiding ownership.
Court documents reveal that from 2017 to 2019, Coldicutt created a fictitious backyard fruit harvesting company and filed fraudulent registration statements with the U.S. Securities and Exchange Commission (SEC). These filings misrepresented the company’s operations, business plans, and ownership in order to facilitate an initial public offering (IPO).
In a second scheme in 2019, Coldicutt proposed another pump-and-dump operation to undercover agents posing as clients seeking fast capital. To aid the fraud, Coldicutt authored a false attorney opinion letter supporting the sale of unregistered stock.
Court records included recordings of Coldicutt inventing a business plan during a meeting with agents and accepting a $2,500 advance payment in cash. Additionally, encrypted messages revealed Coldicutt coordinating the scheme with a cooperating source.
Trial testimony indicated that the expected profit from the first scheme was approximately $4.85 million, with Coldicutt projected to earn $240,000. Coldicutt is scheduled for sentencing on July 11, 2025.
