Feds Want 30 Years For $4B Securities Fraudster

Law360, New York (November 11, 2010, 2:09 PM EST) -- The former treasurer of Puerto Rico-based mortgage lender Doral Financial Corp. should serve up to 33 years in prison for his role in an alleged $4 billion securities fraud, prosecutors have said, but defense counsel has argued two years is more than enough.

Prosecutors said a hefty sentence was necessitated by the massive loss produced by Mario "Sammy" Levis’ fraud, which drove Doral’s value down $4 billion and affected more than 250 investors, according to a sentencing memorandum filed Wednesday in the U.S. District Court for...
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