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by Mike Caswell
Boston prosecutors have asked for a jail term of nearly four years for David Schottenstein, the Florida man who pleaded guilty to insider trading charges arising from a $4-million scheme that included Aphria Inc. of Ontario. (All figures are in U.S. dollars.) The government says that Mr. Schottenstein's actions were "manifestly criminal," involving secret meetings, cover stories and cheating investors. Moreover, they came with Mr. Schottenstein having led a life of "rare privilege," being worth tens of millions of dollars before the age of 40.
The request from prosecutors comes as part of a case they have been pursuing over insider trades in four companies. Most of the gains came from trades in Aphria, with Mr. Schottenstein learning from his cousin, an insider at Canadian Securities Exchange listing Green Growth Brands Ltd., about an upcoming takeover bid. While the bid was ultimately unsuccessful, Mr. Schottenstein and those he tipped used the information to generate over $2.2-million in gains, the government claims.
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He and his family suffered "prolonged ridicule" within his community. BOO HOO
Should had thought of it before, he started hounding his cousin.