Investment Fraudster To Serve 9 Years, Pay $30M

Law360, New York (September 9, 2010, 4:44 PM EDT) -- A financial adviser has been sentenced to serve nearly nine years in prison and repay investors more than $30 million after pleading guilty to running a fraudulent investment scheme.

U.S. District Judge James S. Gwin of the Northern District of Ohio sentenced Enrique F. Villalba on Wednesday to 105 months in prison for managing the fraudulent investment fund that left 26 investors $29.7 million poorer. Villalba must also pay $30.5 million restitution.

According to the opinion, the restitution will consist of 25 percent of Villalba's earnings...
To view the full article, register now.