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SEC defendant Heatherington facing four-year sentence

2024-06-20 20:20 ET - Street Wire

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by Mike Caswell

California prosecutors have requested a four-year sentence for Colin Heatherington, the Vancouver Island man who pleaded guilty to charges arising from the $215-million Absolute Capital Management Holdings Ltd. fraud. (All figures are in U.S. dollars.) Mr. Heatherington realized millions of dollars in proceeds from the scheme, which he spent on travel, a $7.4-million house and the joint purchase of a yacht with his co-accused, which the men named "No Remorse," prosecutors say. His fraud was "complex, well-organized, and wreaked havoc on the Absolute Funds," according to prosecutors.

The proposed four-year term is set out in a sentencing document that prosecutors filed on June 13, 2024, in federal court in Los Angeles. In addition to four years in prison, prosecutors are asking that the judge impose a $215-million restitution order and that he serve five years of supervised release. The sentence, should the judge impose it, would come without a trial, as Mr. Heatherington previously pleaded guilty.

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