Ex-Investment Co. CEO Gets 20 Years For Fraud

Law360, New York (April 16, 2008, 12:00 AM EDT) -- The 71-year-old former president and CEO of investment company Pac Equities Inc. has been sentenced to 20 years in federal prison for defrauding more than 300 investors and ordered to pay $10.4 million in restitution to his victims.

Judge Michael Hogan of the U.S. District Court for the District of Oregon issued the sentence on Tuesday, after a jury found Michael Marks Rich guilty of multiple counts of fraud, money laundering and obstruction of justice in December, following a two-week trial.

The massive sentence, which is...
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