La Madrid Brother Denied Leniency, Gets 2 1/2 Years

Law360, New York (August 5, 2011, 8:09 PM EDT) -- A California federal judge on Thursday denied Lance La Madrid's request for leniency and sentenced him to 30 months in prison for running a $30 million hedge fund fraud with his brother through their investment company Plus Money Inc.

U.S. District Judge William Q. Hayes also ordered La Madrid, who pled guilty to one count of mail fraud, to pay $813,218 in restitution to the more than 300 investors he and his brother, Matthew "Beau" La Madrid, allegedly scammed.

Beau La Madrid, the president and treasurer...
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