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Microcap & Penny Stocks : SEVU: New Invention of Great Potential...

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From: StockDung	6/10/2009 2:04:30 PM
	of 1992

Ex-securities dealer gets 21 years for stock sales By MIKE ROBINSON , 06.09.09, 06:56 PM EDT forbes.com CHICAGO -- A former securities dealer was sentenced Tuesday to more than 21 years in federal prison for orchestrating the $3.5 million sale of worthless stock over the Internet. Frank J. Custable Jr., 44, showed no emotion as federal Judge Blanche M. Manning imposed the unusually stiff sentence, saying "you were the mastermind behind the scenes" of a scheme that went on for more than a year. "This was not a one-time crime," Manning said. She said the scheme was "well thought out over a number of years." Custable was fined $20,000. The sentence followed an earlier hearing at which Assistant U.S. Attorney John Podliska told the judge that Custable had shown a "callous disregard" for those who naively bought stock through the scheme and business executives who were desperate to get financing for their companies and tried to obtain it through Custable. The government maintained that Custable and others working under him found business executives whose companies were desperate for financing and got them to issue unregistered stock. Prosecutors said the companies lied to federal regulators in issuing the stock. forbes.com

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