Yafa

FOR PUBLICATION

UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

UNITED STATES OF AMERICA, Nos. 23-4108 23-4330 Plaintiff - Appellee, D.C. No. 3:21-cr-01310- v.

WQH-

JAMIE YAFA,

Defendant - Appellant. OPINION

UNITED STATES OF AMERICA, No. 23-4254

Plaintiff - Appellee, D.C. No. 3:21-cr-01310- v. WQH-

JOSHUA YAFA,

Defendant - Appellant.

Appeal from the United States District Court for the Southern District of California William Q. Hayes, District Judge, Presiding

Argued and Submitted March 4, 2025 Pasadena, California Filed May 15, 2025

Before: Mary H. Murguia, Chief Judge, and Gabriel P. Sanchez and Holly A. Thomas, Circuit Judges.

Opinion by Chief Judge Murguia

SUMMARY *

Criminal Law

In codefendant brothers Joshua and Jamie Yafa’s appeals from their convictions and sentences for securities fraud and conspiracy to commit securities fraud for their involvement in a “pump-and-dump” stock manipulation scheme, the panel affirmed the district court’s reliance on Application Note 3(B) in the commentary to United States Sentencing Guidelines § 2B1.1,…