Cobalt Capital CEO Gets 3-Year Sentence For Fraud

Law360, New York (September 22, 2010, 6:44 PM EDT) -- A federal judge has sentenced former Cobalt Capital Funding LLC CEO William B. Foster to three years in prison for securities fraud and other crimes related to a real estate investment scheme that stripped investors of as much as $23 million.

Judge Kimba M. Wood handed down the sentence Wednesday in the U.S. District Court for the Southern District of New York, according to U.S. Attorney for the Southern District of New York Preet Bharara.

Foster, 70, of East Hampton, Mass., was also sentenced to three...
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