Ex-1 Global Capital CFO Gets 5 Years In $287M Scheme

Law360, Fort Lauderdale (January 14, 2020, 5:11 PM EST) -- A former executive of cash advance business 1 Global Capital was sentenced Tuesday in Florida federal court to five years in prison for his role in a $287 million securities fraud scheme involving “payday” loans.

In a hearing in Fort Lauderdale, U.S. District Judge Roy K. Altman handed a 60-month sentence to former 1 Global Capital LLC Chief Financial Officer Alan G. Heide, who admitted in August to parallel civil and criminal charges that he concealed 1 Global’s financial troubles from investors and used the proceeds from the sale of unregistered securities to prop up the company and fund the lavish...

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