Sky Capital's Ross Mandell Gets 12 Years For $140M Fraud

Law360, New York (May 3, 2012, 8:34 PM EDT) -- Ross Mandell, the founder of Wall Street brokerage Sky Capital Capital LLC, was sentenced to 12 years in prison Thursday for defrauding investors of an estimated $140 million by having brokers lie to pump up stock in Sky Capital-related entities.

Mandell, 55, was also ordered to forfeit $50 million and pay a $10,000 fine. Convicted in July of four counts of securities fraud and conspiracy, he ran an eight-year scheme in which he had brokers con investors by lying about how likely it was that Sky...
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