Santa Cruz County stock trader pleads guilty to securities fraud | #phishing | #scams

SCOTTS VALLEY — A local stock trader pleaded guilty this week in a federal securities fraud case.

Jason Nielsen, a Scotts Valley resident, is scheduled to be sentenced Oct. 24 for one count of securities fraud in U.S. District Court in San Jose and faces a maximum penalty of five years in prison.

According to information provided by the U.S. Department of Justice, Nielsen worked to manipulate the stock price for Sunnyvale-based Arrayit in 2019 and 2020. The publically traded company produced medical devices, including fingerstick allergy testing and COVID-19 tests.

Nielsen was a large Arrayit investor who, at various times, owned as much as 10% of the company’s stock, according to the case’s court filings. He incidentally shares his name with a different Jason Nielsen, who works as a UC Santa Cruz physics professor.

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