Rakoff Hits Ailing Cocoa Trader With 3 Years In $350M Fraud

Law360, New York (August 13, 2018, 7:58 PM EDT) -- Peter G. Johnson, whose cocoa trading business Transmar went under after it deceived lenders out of more than $350 million, was sentenced to three years behind bars by U.S. District Judge Jed Rakoff on Monday, with the judge weighing the loss against Johnson’s life of good works.

While Johnson, the prosecutors and the probation officers who advised the court all agreed that the federal guidelines range of 188 to 215 months behind bars was too much, they disagreed on how long Johnson should be jailed. Judge Rakoff, who is known for taking issue with sentencing guidelines in white-collar criminal cases, said...

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