James Schneider, 77, a Florida lawyer was sentenced to seven years in prison and $ 19.7 million in restitution for securities fraud.
The court records show that Schneider was convicted by the Miami Federal Court on Thursday on a number of charges including conspiracy to commit securities fraud. He has to repay 2,156 investors and lose $ 4.8 million.
Prosecutors said 11 other defendants had also been convicted under the automated pumping program: Schneider's role was to authorize fake letters of legal advice to create 20 shell companies; investors then spent millions in corporate shares from 2008 to 2013.
