Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
U.S. says ex-Sentinel CEO deserves 20 years in prison for $666 million fraud
Source: Reuters
U.S. says ex-Sentinel CEO deserves 20 years in prison for $666 million fraud
BY JONATHAN STEMPEL
Tue Dec 2, 2014 12:51pm EST
(Reuters) - Eric Bloom, a former Chicago-area money manager convicted of fraud, is an "unrepentant con man" who should spend at least 20 years in prison and repay $665.9 million to his victims, federal prosecutors said.
The sentencing recommendation for Bloom, the former chief executive officer of Northbrook, Illinois-based Sentinel Management Group Inc, was disclosed late Monday. A week earlier, Bloom's lawyers had said a maximum three-year prison term plus "significant" community service was appropriate.
Prosecutors said that while federal guidelines recommended life in prison, a 20-year term was "just punishment" despite Bloom's seeming lack of remorse.
"Bloom's refusal to acknowledge, even to this day, that his fraudulent representations, and his concealment of material facts, caused victim losses in this case shows him for what he is - an unrepentant con man," prosecutors said.
[font size=1]-snip-[/font]
BY JONATHAN STEMPEL
Tue Dec 2, 2014 12:51pm EST
(Reuters) - Eric Bloom, a former Chicago-area money manager convicted of fraud, is an "unrepentant con man" who should spend at least 20 years in prison and repay $665.9 million to his victims, federal prosecutors said.
The sentencing recommendation for Bloom, the former chief executive officer of Northbrook, Illinois-based Sentinel Management Group Inc, was disclosed late Monday. A week earlier, Bloom's lawyers had said a maximum three-year prison term plus "significant" community service was appropriate.
Prosecutors said that while federal guidelines recommended life in prison, a 20-year term was "just punishment" despite Bloom's seeming lack of remorse.
"Bloom's refusal to acknowledge, even to this day, that his fraudulent representations, and his concealment of material facts, caused victim losses in this case shows him for what he is - an unrepentant con man," prosecutors said.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2014/12/02/us-sentinel-bloom-fraud-idUSKCN0JG1Y720141202
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
