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Pastimes : Raymond L. Dirks Internet Research Tribunal Thread
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From: StockDung5/14/2014 7:09:59 AM
   of 544
 

Wall Street’s “bad boy” imprisoned for 12 years
A former manager of Sky Capital Ross Mandell was sentenced to 12 years in jail for a convicted financial fraud, Reuters reports. According to Bloomberg, Mandell will also pay 10 thousand dollars penalty, forfeit 50 million dollars and serve three years’ probation. The former financier was admitted to bail and must report to prison on June 18.
Adam Harrington, a former broker of Sky Capital, has also been sentenced to prison. His stretch started on May 4.
Courier-Post reminds that Mandell is known as “bad boy” of Wall Street. Brokers of Sky Capital established by Mandell have defrauded US and European customers of 140 million dollars. This money was spent for hard-rocking times in strip clubs, for prostitutes, luxury hotels, watches and private planes.
The prosecutors suppose that this scheme was used from 1998 to 2006. In 2009 Mandell, Harrington and four other brokers of Sky Capital were arrested. In 2011 Mandell and Harrington were convicted on conspiracy and securities fraud. Four other scammers admitted their guilt and two of them testified against Mandell and Harrington.
Bloomberg says that prosecutors asked for 30 years of prison for Mandell, but the court likely paid attention to 125 letters from Alcoholics Anonymous program members supporting the Mandel, who helped them.





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