Ex-Doral Exec Gets 5 Years In $4B Stock Fraud Case

Law360, New York (November 16, 2010, 6:31 PM EST) -- A federal judge on Tuesday sentenced the former treasurer of Puerto Rico-based banking firm Doral Financial Corp. to five years in prison for crimes associated with lying about the financial health of his company, which ultimately cost investors roughly $4 billion.

Judge Thomas P. Griesa handed down the sentence to Mario "Sammy" Levis in the U.S. District Court for the Southern District of New York, criticizing the much stiffer penalty of 27 to 34 years requested by the government as “completely unhelpful” and overly harsh....
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