8th Circ. Upholds Fraudster's $6.8M Penalty, Sentence

Law360, San Francisco (April 25, 2013, 4:24 PM EDT) -- The Eighth Circuit on Thursday upheld a five-year sentence and $6.8 million in penalties for a financial adviser convicted of securities fraud, finding that his argument that he didn't know the bogus promissory notes he issued to investors were illegal securities didn't hold water.

The ruling marked the second time the appeals court reviewed the sentence of Bryan Behrens, the former owner of 21st Century Financial Group, Inc., and National Investments, Inc. After a Nebraska federal judge sentenced Behrens in 2010, the Eighth Circuit vacated and remanded...
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