Investment News is reporting that Joseph J. Lampariello has plead guilty to one count of wire fraud and one count of failure to file a tax return. Lampariello was sentenced to up to 21 years in prison and ordered to repay $49 million.
Lampariello was the president of Medical Capital, and headed what a court appointed receiver called a "Ponzi-like scheme" which resulted in investors losing $1 billion. Several broker-dealers shut down as a result of arbitration awards related to the Medical Capital and other private placement scandals.
By no means will this restore the savings of duped investors, nor will it restore the reputations of victimized advisors and broker-dealers. But sometimes, it is nice to know that the bad guys do get their comeuppance.
No comments:
Post a Comment