NYC man sentenced to federal prison for financial fraud
A New York City man has been sentenced to 77 months in federal prison for wire fraud and money laundering.
Michael Todd Osborn, 46, sentenced last week in Denver by U.S. District Judge Christine M. Arguello, was ordered to pay a fine of $100,000 and restitution of $695,000 to duped investors, victims of his scheme.
Osborn, who pleaded guilty in February, was remanded by federal authorities after Thursday’s sentencing, according to a news release from the U.S. attorney office in Colorado.
Osborn and co-defendant Corey Earl Engelen were indicted by a federal grand jury in Denver in February 2015.
The pair, according to an indictment and plea agreement, defrauded investors from October 2009 through July 2010. Osborn told investors he would use their funds to trade stocks on their behalf when, in fact, he did no trading. Osborn and Engelen, his Colorado associate, used investors’ money for their own personal benefit and for purposes other than trading.
“These are the worst kind of thieves. They carefully and deliberately go to great lengths to lie and steal the savings of innocent people,” acting U.S. Attorney Bob Troyer said.
Engelen pleaded guilty Oct. 13 to one count of money laundering. He’s scheduled to be sentenced by Arguello on Jan. 31.
Article From:- https://www.denverpost.com