Where is the justice on Wall Street when an A-H that has been CONVICTED of FRAUD gets to stay at home & wear an electronic leg tag?
Baltimore Sun
U.S. prosecutors to appeal sentence in fraud case
Sat Aug 17, 8:43 AM ET
By Gail Gibson
A former Alexander & Alexander investment manager who admitted running a risky trading scheme that caused more than $27 million in losses was sentenced yesterday to six months of home detention, prompting federal prosecutors to say they would appeal for jail time.
William F. Mahon, who worked in Owings Mills as manager of Alexander's U.S. Treasury investment portfolio in the mid-1990s, also admitted taking $190,000 in kickbacks from a Florida securities dealer who heavily profited from commissions on the trades, federal records show.
Mahon pleaded guilty in June to charges of defrauding his former employer and failing to report the bribe money on his tax returns. Federal prosecutors said yesterday they were seeking a 15-month prison sentence for Mahon, a term they said acknowledged his cooperation in the investigation and his payment of more than $450,000 in restitution, interest and penalties.
At sentencing, however, U.S. District Judge William M. Nickerson agreed with defense arguments that Mahon was eligible for a probation sentence. The judge ordered Mahon to spend six months under home detention and 2 1/2 years under supervised release, a decision that was met with brief applause by Mahon's family members in the courtroom.
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