Former brokers go to prison for securities fraud...GO BIG RED!

[SoCalDem]

Former brokers go to prison for securities fraud
http://journalstar.com/news/local/crime-and-courts/article_87f9e0bc-8dbd-5688-ab88-c3eb6ce36763.html

By the Lincoln Journal Star | Posted: Tuesday, August 16, 2011 6:00 pm | (7) Comments



Ex-Nebraska City broker pleads guily

Two former Nebraska City brokers who defrauded Nebraska investors out of more than $20 million were sent to prison Tuesday. Prosecutors say Rebecca Engle and former Nebraska football player Brian Schuster improperly sold risky investments in several interrelated Florida companies to more than 130 investors. Engle, of Green Valley, Ariz., and Schuster, of Vermillion, S.D., both pleaded guilty; Schuster to four counts of securities fraud, and Engle to two.

On Tuesday, Otoe County District Judge Paul Korslund gave Schuster six years, eight months to 16 years in prison and Engle three to six years.

The sentences were to begin immediately.

The charges stemmed from an investigation by the Nebraska Department of Banking and Finance, which showed Engle and Schuster sold the high-risk securities without disclosing key risks or warnings associated with them. Most of the investors affected were nearing retirement age or already had retired, so they wanted conservative, stable investments with little risk. They say Engle and Schuster instead invested their money in high-risk enterprises and never fully explained the risks, according to authorities.

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[Oceansaway]

1. scumbags...nt

[BR_Parkway]

2. Meanwhile, Jamie Dimon and Lloyd Blankfein as well as others walk free

These little scumbags were churning for commission checks, the Masters of the Universe have been proven to have known they were not only pushing bullshit, but betting on it being bullshit to make more money