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To: Ahda who wrote (83547)	3/20/2002 3:42:59 PM
From: long-gone	Respond to of 116762

Monday March 18, 8:12 pm Eastern Time New York stockbrokers sentenced in investor fraud By Jeanne King NEW YORK, March 18 (Reuters) - Two stockbrokers from Duke & Co., a defunct Manhattan securities firm, were handed stiff sentences on Monday for their role in defrauding thousands of investors of millions of dollars. ADVERTISEMENT Thomas Downey was given a six- to 18-year prison sentence by Manhattan Supreme Court Judge John Bradley, who ordered him to make restitution of $519,000. Jeffrey Horn received a five- to 15-year sentence. He was ordered to pay $227,000. ``Brokers have to be honest. These defendants wantonly abandoned that fundamental principle every day they worked at Duke,'' Arthur Middlemiss, the assistant district attorney. said at sentencing. In May 1999, the Manhattan District Attorney's office indicted Duke Chairman Victor Wang and 17 of his brokers, charging them with conspiring with other broker-dealers to maintain the price of initial public offerings at artificially high levels. Wang, who pleaded guilty to bilking investors of tens of millions of dollars, will be sentenced on April 17. Prosecutors said about 34,000 customers had invested $171 million with Duke. Downey and Horn were the last of the brokers to go to trial. A number of others either pleaded guilty or were found guilty after a trial. Duke & Co., went out of business in March 1998. Among the stocks Wang and his brokers manipulated were Renaissance Entertainment, Sel-Leb Marketing, Paravant Computer Systems, Bristol Technology Systems, IFS International, and Aviation Group. biz.yahoo.com