Ex-Sky Capital Brokers Cop To $140M Fraud Scheme

Law360, New York (January 28, 2011, 6:46 PM EST) -- Two former brokers at Sky Capital Holdings Ltd. pled guilty Friday to soliciting investors and manipulating stock prices as part of a $140 million fraud scheme allegedly orchestrated by infamous Wall Street executive Ross H. Mandell.

Michael Passaro, 47, and Arn Wilson, 46, entered guilty pleas before Judge Paul A. Crotty in the U.S. District Court for the Southern District of New York, both admitting to securities fraud, wire fraud, mail fraud and conspiracy charges.

Each faces a maximum sentence of 65 years in prison but...
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