5th Circ. Upholds Exxon Fraudster's 5-Year Prison Bid

Law360, New York (September 13, 2011, 4:39 PM EDT) -- The Fifth Circuit on Monday upheld a five-year prison sentence for an Alabama man accused of running a securities fraud scheme targeting longtime Exxon Mobil Corp. employees, rejecting arguments that the sentence was procedurally flawed and unreasonable.

According to prosecutors, David Lester McFadden duped older Exxon employees into believing he was a certified public accountant and that they should cash out their retirement plans and invest with him. He had lured 137 people into the scheme, investing more than $68 million, prosecutors said.

McFadden pled guilty...
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