Replies to post #16228 on SEC Charges Eleven in Stock Manipulation Ring

[janice shell]

Well... His first attorney, the Amador person, was awful. I mean... bar fights?

Did Matt really take this kind of risk for only $117K? What was he thinking?

[BullNBear52]

The DOJ only has to prove the illgotten gains out of the trading accounts. It's up to the defendent to prove where the money went.

[Howzitgoing]

He was originally looking at 8 counts and 40 years, so somebody thought his plea of guilty and information were worth a reduction to 4 years and a significant amount of money.

Funny thing about the sentencing hearing, though. Seems a little late to start bee-atching and implicitly blaming the gov for failing to act.

Prosecutors unsealed an eight-count criminal fraud indictment against Mr. Brown on May 21, 2009, in the District of Delaware. He faced a maximum of 40 years in jail if found guilty.

... at sentencing hearing it was stated that the govt failed to indict individuals responsible for $3M of the total amount.