Stockbroker sentenced for helping 'Boots' use phony collateral
A former stockbroker was sentenced to five years in prison Wednesday for helping Silicon Valley financier William ``Boots'' Del Biaggio III use phony collateral to borrow nearly $50 million, and guarantee additional loans worth millions more.
A New York stock broker was sentenced today to 24 months in prison for his role in a wide-ranging international stock fraud scheme involving the illegal use of bulk commercial e-mails, or ``spamming,'' to promote thinly traded Chinese penny stocks, announced Assistant Attorney General Lanny A Breuer of the Justice Department's Criminal Division and United States Attorney Barbara McQuade for the Eastern District of Michigan.