Ex-Financial Adviser Gets 8 Years For Fraud

Law360, New York (October 28, 2010, 12:25 PM EDT) -- A judge has ordered Stephen Clifford, a former financial adviser and alleged rapist, to serve more than eight years in prison and fork over $4.5 million for perpetrating an investment fraud that gutted the savings of dozens of victims.

Judge Nancy Gertner of the U.S. District Court for the District of Massachusetts on Thursday slapped Clifford with a 97-month sentence and restitution equal to the proceeds gleaned in his scheme, to which he pled guilty in May.

The 58-year-old Clifford was convicted on counts of wire...
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