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Another big federal fraud sentencing dealing with Madoff echoes

By Douglas A. Berman

This local story out of Virginia, which is headlined "Okun?s lawyers say life sentence not warranted," provide another example of the echo effect of Bernie Madoff's severe fraud sentence. Here are the details: Authorities want a 400-year sentence for Edward Hugh Okun ? or one that otherwise assures he spends the rest of his life in prison ? as the mastermind of a $126 million fraud. In papers filed in U.S. District Court yesterday, prosecutors said the former Miami businessman used nearly $40 million in client money as a "personal piggy bank" to fund a divorce settlement and buy a jet, a helicopter, homes and jewelry for his new wife. "Unlike other recent high-profile fraud prosecutions, Okun's victims never asked [Okun] to invest and risk their money," the U...continue to full post

Full post as published by Sentencing Law and Policy on July 23, 2009 (boomark / email).