Trader Gets Jail, $8M Fine In Stock Fraud

Law360, New York (March 19, 2008, 12:00 AM EDT) -- In a victory for federal prosecutors, an Arizona trader who admitted to running a massive fraud that involved issuing and trading unregistered stocks has been sentenced to 10 years in prison and ordered to pay $7.8 million in restitution.

Michael Saquella, also known as Michael Paloma, pled guilty last August to two counts – conspiracy to commit securities fraud and conspiracy to commit mail fraud – and had asked to serve his sentences for the two counts concurrently.

However, Judge Leonie M. Brinkema of the U.S....
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