Two executives were sentenced to 14 years each in prison for fraud in a $91 million trust failure that wiped out the retirement money of more than 20,000 investors. Defense lawyers for Jack Hargrove, 64, and Lawrence Capriotti, 62, had argued that 14 years at their age might as well be a life sentence. But Assistant U.S. Attorney Robert Kent said the sentence had to be stiff, noting that the two men threw lavish parties with money they looted from two companies and that Hargrove bought two yachts.
May 30, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Two executives were sentenced Friday to 14 years each in prison for fraud in a $91 million trust failure that wiped out the retirement money of more than 20,000 investors.
“It’s an appropriate sentence in light of the massiveness of the disaster,” U.S. District Judge James B. Moran said in imposing the sentence, which included forfeiture of $58 million in assets.
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