Court Scoffs at Light Sentence for CEO's Fraud
Court Scoffs at Light Sentence for CEO's Fraud
CINCINNATI (CN) - The seven-day sentence given to a former CEO whose money-laundering scheme cost investors more $18 million was as "unreasonably low," the 6th Circuit ruled.
Michael Peppel was president, CEO and chairman of the board of directors for MCSi Inc., a computer technology company, from 1998 to 2003, during which time he teamed up with the company's CFO to falsify earnings and elevate stock prices.
In December 2001, Peppel sold 300,000 personal shares of stock for more than $6 million and deposited the money in his personal accounts.
The Securities and Exchange Commission opened an investigation in February 2003, and Peppel was fired the next month. NASDAQ then delisted MCSi stock, and the SEC banned Peppel from serving as director of a public company.
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Peppel's crimes called for a recommended sentence between 97 and 121 months in prison, but he argued that probation was more appropriate and had witnesses testify as to his character, accomplishments and charitable works.
Against the government's insistence on sentence within guidelines, Beckwith ordered Peppel to serve just seven day in custody, plus three years of supervised release and a $5 million fine.
http://www.courthousenews.com/2013/02/21/55071.htm
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what the white collar criminal gets away with. His wealth gives him privileged treatment in our/his? justice system. He'll pay the 5 million dollar fine and still have a million left? I thought the government took things like houses, planes, boats, cars, etc. and all the cash. I hope he rots in some hell, somewhere, someday.
