Federal prosecutors in Brooklyn, N.Y. say a Florida man has been sentenced to 3 1/2 years in prison for defrauding over 70 investors of US$3.3 million.
U.S. Attorney Robert Capers announced Friday that 54-year-old Cecil Speight, of West Palm Beach, had been sentenced late Wednesday.
Speight had pleaded guilty to conspiracy to commit mail and securities fraud. Judge Roslynn Mauskopf also ordered him to pay US$3.3 million in restitution and forfeiture.
Capers says Speight carried out his fraud through his ownership of International Stock Transfer. He says Speight used investors’ funds as his own, paying personal expenses including his purchase of a luxury car.
The prosecutor says Speight used cold calls and fake websites to recruit investors, promising high-yield securities.