Convicted Real Estate Fraud Schemer Gets 85 Years

Law360, New York (July 6, 2010, 6:11 PM EDT) -- A federal judge has sentenced Cobalt Capital Funding LLC managing partner Irving Stitsky to 85 years in prison for securities fraud and other crimes stemming from his role in an alleged fraudulent real estate scheme that stripped investors of as much as $23 million.

Judge Kimba M. Wood issued the sentence Tuesday in the U.S. District Court for the Southern District of New York, saying she intended to make an example of Stitsky to deter would-be fraud artists from engaging in such conduct and protect the...
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