Cobalt Founder Gets 85 Years For Real Estate Fraud

Law360, New York (October 21, 2010, 7:08 PM EDT) -- A federal judge sentenced Cobalt Cos. founder Mark Alan Shapiro on Thursday to 85 years in prison for his alleged role in a real estate investment scheme that duped investors out of $23 million.

Judge Kimba M. Wood of U.S. District Court for the Southern District of New York imposed the same sentence she handed down to Shapiro's alleged co-conspirator Irving Stitsky in July.

Shapiro, 50, of Avon, Mass., was also sentenced to three years of supervised release and ordered to pay $22 million restitution and...
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