Rakoff Hits Cocoa Trader With 2.5 Years For $350M Fraud

By Stewart Bishop (September 17, 2018, 9:43 PM EDT) -- A former executive of bankrupt Transmar Commodity Group Ltd. on Monday was sentenced to two and a half years in prison by U.S. District Judge Jed Rakoff for a "massive" $350 million asset fraud at the family-run cocoa commodity trading company.

Peter B. Johnson, 39, was sentenced to 30 months in prison, six months fewer than his father, Transmar CEO Peter G. Johnson, 69, received last month for his role in a yearslong scheme to deceive lenders about the amount of credit-eligible collateral Transmar had, in order to maintain access to a line of credit worth hundreds of millions of dollars....

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