Boiler Room Scam Lands Broker In Jail

Law360, New York (August 17, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission announced Thursday that a Florida broker-dealer has been sentenced to 57 months in prison and ordered to pay $2.6 million in criminal restitution for his role in a “boiler room” operation.

Erik B. Walsh, the former principal of Discovery Capital Inc., was convicted on July 27 of securities fraud and conspiracy to commit wire fraud, mail fraud and securities fraud. He was also convicted of making false statements to the SEC in connection with the Commission’s on-site examination of his...
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