Is this justice ??
Stockwatch News Item
B.C. Securities Commission (C-*BCSC) - Street Wire
BCSC-known Purdy, Horvat finally free to return home
B.C. Securities Commission *BCSC
Thursday October 9 2003 Street Wire
by Brent Mudry
With their 13-month Bermuda Short ordeal now officially over, Howe Street promoter John (Jack) Purdy and associate Ronaldo (Ron) Horvat will be home within days. In a 30-minute hearing Thursday in Miami, United States District Court Judge Cecilia Altonaga accepted guilty pleas from both men on a single count of structuring, a much less serious offence than their original money laundering charges, and approved a sentence of no term, just time served, and no fine, as negotiated by defence lawyers and the new prosecutor.
Neal Sonnett, Mr. Purdy's Miami criminal defence lawyer, told Stockwatch that Judge Altonaga opened the hearing by saying she read his moot double jeopardy and entrapment dismissal motions, filed in court Tuesday. "She said she found them very interesting and said it was a good work product."
The judge then took guilty pleas from Mr. Purdy and Mr. Horvat, pronounced their nil sentences and discharged their bonds. Mr. Sonnett confirmed Mr. Purdy's initial bond package was $5-million (U.S.), backed by properties held by friends and family, but several months ago he won modifications to allow the sale of some of his Hawaiian properties to help meet the payment terms of his settlement with Canada's tax man.
Mr. Sonnett says his client Mr. Purdy is pleased his Bermuda Short ordeal is now over. "He was able to walk out of the courtroom today a free man," says the lawyer. "He is very pleased and relieved to get all this behind him."
"It has been a long, hard 13 months, with lots of emotional pressure and hard work" for Mr. Purdy, Mr. Sonnett told Stockwatch. The lawyer says he expects his client to leave Miami, where he had been held under house arrest, and return to Vancouver sometime in the next few days.
Mr. Sonnett confirms that Mr. Purdy may be willing to talk about his ordeal soon, once the dust settles. "Of course, he would prefer to have kept his name out of the press, but he thinks your stories are quite balanced and fair," he told Stockwatch, which appreciates the compliment.
Assistant United States Attorney Stephen Stallings also offered some comments on the resolution of the prosecution of Mr. Purdy and Mr. Horvat. Mr. Stallings recently replaced lead Purdy prosecutor Richard Hong, who was reassigned due to a busy case load of other investigations and trials.
"Today they pleaded guilty to a federal felony. It is a U.S. crime punishable by up to five years in prison," Mr. Stallings told Stockwatch.
"The guidance under federal sentencing guidelines was time served, taking into account with home detention," said the prosecutor. "They admitted under oath that they engaged in illegal conduct."
When Stockwatch suggested that with the serious money laundering charges dropped in favour of a relatively minor structuring count, observers might wonder whether the prosecution caved in or collapsed, Mr. Stallings declined direct comment. "I think the fact is, they have now admitted to committing a federal crime. The case is concluded," he replied.
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
old url (better for printing) |
