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Thursday, May 3, 2012

Ross Mandell Gets 12 Years, $50 Million Forfeiture

In a federal case with broad implications for the international capital finance industry, former Sky Capital founder Ross Mandell was sentenced to twelve years (144 months) in federal prison and ordered to forfeit $50 million for his conviction on several counts related to alleged securities fraud arising from the trading of his brokerage's securities on the London Stock Exchange's Alternative Investments Market, and his promotion of several other securities through private placements which are now alleged to be not just illiquid, but worthless and fraudulent.

An appeal has been promised.  Among the grounds for appeal will be a challenge to the extraterrorial nature of the charges against Mandell and Adam Harrington (sentenced Friday to 60 months and ordered to forfeit $20 million) based upon the Supreme Court's recent ruling in Morrison v. Australia National Bank that the Securities Exchange Act of 1934 does not apply to foreign securities transactions.  

1 comment:

  1. If the Republikkklans were in power he would have gotten a multi million dollar bonus and an award for exercising capitailism Republkkklan style. Business as usual would have been in order.