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Post by Freedom on Sept 24, 2009 19:22:44 GMT -5
Ex-broker gets 2 months for fraudulent trading Updated: 09/24/2009 BOSTON (AP) -- A former broker at Prudential Securities Inc. charged with fraudulently trading mutual funds for millions of dollars in commissions avoided a possible century-long prison term, and instead has been sentenced to two months in a halfway house. A federal judge in Boston on Wednesday also sentenced Justin Ficken to two years of probation. He pleaded guilty last year to conspiracy, wire fraud, and securities fraud. Prosecutors say the 34-year-old Ficken was part of a group of brokers working for Prudential in 2001 who made market timing trades -- quick in-and-out trading to exploit price -- using fake identities and account names. Ficken faced up to 105 years in prison, but Judge Patti Saris said he had taken responsibility for his actions. Ficken’s lawyer says his client is remorseful. .................... Lucky him, stealing a candy bar in a corner store get a person 3-6 months in jail.
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Post by tko on Sept 25, 2009 3:58:55 GMT -5
I don't know if it's fair or not. I would have to see the details of the case. I do think that white collar criminals get off far too easy for the damage they do. They can still millions of dollars, but often get a slap on the wrist. When someone who steals a car can get a few years in jail.
Lately there has been some longer sentences, Madoff, which is good.
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Post by maddogblues on Sept 28, 2009 11:40:10 GMT -5
I'd like to check that judges finances.
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