This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Sandy Masselli, the former chief executive officer of Canadian Securities Exchange listing Carlyle Entertainment Ltd., has received six years in a U.S. prison for defrauding investors and others. Prosecutors claimed that Mr. Masselli used investor money to pay his personal credit card and to pay for a luxury vehicle. His actions were part of a larger scheme that targeted investors and others, including his mother.

Mr. Masselli, 63, received the six-year sentence in an appearance before a federal judge in New Jersey on Thursday, Aug. 29. In addition to the prison term, Mr. Masselli must serve three years of supervised release. The judge also ordered him to pay $3.2-million in restitution and $1-million in forfeiture. (All figures are in U.S. dollars.) There was no trial for Mr. Masselli, as he previously pleaded guilty to charges that included bank fraud, wire fraud and securities fraud. The sentence is in line with the terms of Mr. Masselli's plea agreement, which had specified five to six years in prison and at least $2.9-million in restitution.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS