7th Circ. Backs Canopy Exec's 13-Year Term For $93M Fraud

Law360, New York (March 14, 2013, 8:23 PM EDT) -- The Seventh Circuit on Thursday upheld a 13-year prison term for the co-founder of health care transaction software company Canopy Financial Inc stemming from a $93 million investment fraud, finding the punishment dealt by the district court was fair and suited the "extraordinary crimes."

Circuit Court Judge Michael S. Kanne, who penned the decision, said that Canopy's former Chief Financial Officer Anthony Banas had participated in a scheme that shafted investors out of $75 million and emptied another $18 million from clients’ health savings accounts, lining...
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