Florida Financier Gets 8 Years For 'Brazen' $140M Fraud

By Frank G. Runyeon (May 13, 2022, 6:05 PM EDT) -- A Manhattan federal judge on Friday sentenced Florida private equity manager Elliot Smerling to eight years in prison for defrauding two banks of over $140 million in order to bankroll a lavish lifestyle, faulting him for a "brazen" eight-year fraud.

U.S. District Judge Denise L. Cote sentenced Smerling to 97 months in prison to be followed by three years of supervised release and ordered him to make at least $141 million in restitution. The judge rejected his request for a mere three years behind bars for using forged documents to trick banks into loaning him money to fund his financial ventures....

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