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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (18143)	8/16/2006 2:53:30 PM
From: scion	Respond to of 19428

Ex-broker gets nine years for trading scheme Tue Aug 15, 2006 7:29 PM ET today.reuters.com NEW YORK (Reuters) - The former owner of a now-defunct brokerage was sentenced to nine years in prison on Tuesday for his role in a scheme that cost investors $12 million, the U.S. Attorney's Office in Manhattan said. David Rutkoske, 42, former president and owner of Lloyd Wade Securities, was sentenced in Manhattan federal court after he was convicted in February of securities fraud and conspiracy. "We are very upset about the length of the sentence and we intend to appeal sentencing calculations as well other issues that arose during and before the trial," said Ira Sorkin, an attorney for Rutkoske. Fourteen other Lloyd Wade employees, including a former head trader who testified against Rutkoske during his trial, previously entered guilty pleas for their role in the scheme that manipulated trading in shares of Internet gaming company Netbet Inc. Between April 1996 and 1999, Rutkoske and other Lloyd Wade employees bought large blocks of Netbet shares at below-market prices and then used "boiler room" tactics to create artificial demand for shares, prosecutors said. Rutkoske paid secret bribes to the other brokers to induce them to sell Netbet securities to retail customers. The brokers then used false sales pitches to customers including touting pending legislation to legalize Internet gambling, leading customers to believe the price of Netbet securities might rise, prosecutors said. Lloyd Wade had offices in Dallas, Manhattan and New Jersey.