Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Federal prosecutors in Brooklyn say a Florida man has been sentenced to 3½ years in prison for defrauding over 70 investors of $3.3 million.
U.S. Attorney Robert Capers announced Friday that 54-year-old Cecil Speight, of West Palm Beach, had been sentenced late Wednesday.
Speight had pleaded guilty to conspiracy to commit mail and securities fraud. Judge Roslynn Mauskopf also ordered him to pay $3.3 million in restitution and forfeiture.
Capers says Speight carried out his fraud through his ownership of International Stock Transfer. He says Speight used investors' funds as his own, paying personal expenses including his purchase of a luxury car.
The prosecutor says Speight used cold calls and fake websites to recruit investors, promising high-yield securities.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.