Thursday, April 26, 2012

Ex-brokerage chief to serve 30 months in the Slammer


According to Reuters a former chief executive of Optionable Inc commodities brokerage was handed a prison term of 2-1/2 years on Wednesday for his role in defrauding the Bank of Montreal by helping inflate the value of the bank's natural gas derivatives portfolio.

In August last year, the former Optionable executive, Kevin Cassidy, of Bedford Hills, New York, pleaded guilty to one count of conspiracy to commit wire fraud in Manhattan federal court. Cassidy was charged in November 2008 with six felony counts.

U.S. District Judge Thomas Griesa sentenced Cassidy on Wednesday to 30 months in prison to be followed by three years of supervised release. The judge also ordered Cassidy to forfeit $200,000….

Find out more at http://www.reuters.com/article/2012/04/26/us-bankofmontreal-optionable-sentencing-idUSBRE83P05O20120426

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