Miami Exec Gets 12.5 Years For $40M Investment Scam
Law360, Miami (September 18, 2013, 6:17 PM EDT) -- A Florida federal judge handed down a 150-month sentence Wednesday to Miami businessman Claudio Osorio, who earlier this year pled guilty to conning investors of bankrupt InnoVida Holdings LLC out of $40 million, and ordered him to pay about $20 million in restitution.
U.S. District Judge William Dimitrouleas said he was prepared to give a harsher punishment, as the evidence against Osorio — InnoVida's president, owner and majority shareholder — was overwhelming and he did not see the degree of cooperation mentioned in a plea agreement, but he deferred to Assistant U.S. Attorney Lois Foster-Steers' recommendation of a 10 percent reduction...
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