Twenty years in prison and 5,7 Million $ for

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19978 / January 24, 2007
SEC v. Peter Lombardi, Case No. 06-20665-CR-HUCK
Former Viatical Firm Executive Peter Lombardi Sentenced to Twenty Years

The United States Securities and Exchange Commission ("SEC") announced that on January 19, 2007, the Honorable Paul C. Huck, United States District Judge for the Southern District of Florida, sentenced Peter Lombardi, a former President and sole shareholder of Mutual Benefits Corp., to twenty years in prison, followed by three years of supervised release for his involvement in a viatical and life settlement scheme in which 28,000 investors lost over $800 million.

Lombardi is also a defendant in the related SEC civil action filed on May 3, 2004, in the Southern District of Florida. In the SEC's action, he consented to the entry of a Final Judgment of Permanent Injunction and Other Relief, which the Court entered on December 2, 2005. The judgment enjoined him from future violations of the antifraud and registration provisions of the federal securities laws and ordered him to pay disgorgement in the amount of $5,774,160, plus prejudgment interest of $105,840 and a civil penalty of $120,000. Lombardi paid the judgment in full.

For additional information, see Litigation Release No. 18698 (May 6, 2004), Litigation Release No. 19274 (June 20, 2005) and Litigation Release No. 19480 (December 1, 2005).

So Brian has to be lucky being in Malaysia!

Peter Lombardi: Lit. Rel. No. 19978 / January 24, 2007

If he scammed over $800 million, why does he only have to pay $5m?

Anyway, who says Malaysia will be more lenient?

Quote:

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Originally Posted by nej

If he scammed over $800 million, why does he only have to pay $5m?

Anyway, who says Malaysia will be more lenient?

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Thats right however, Malaysian (Muslim law) will deviate that to US legal system by a wide margin but the bottomline remains, catch up with the culprit, prove his act as wrong and penalise accordingly.

I believe the 20 yrs matches the deed and age and his reserves (if traceable still on the rest...) while still facing a potential suit later on after release while with Malaysia, Bryan is better off staying inside for "safer" custody than see himself released....coz you never know what still might follow once he steps out... but he'll get the message & picture once he get to know the tips from ""them peers of his" inside....:bow:

There is the jungle out there....still unexplored or a qik board on the next flight out to UK....is that still a safe haven with many buggars who don't and WON'T forgive...? :rolleyes: :nocomment


YB. - cheers...:beer:

I will be closing this thread and a string of others as well that are rather repetitive and only leads to confusion and disarray for returning members wanting to trace or track related posts concerning the current development some call it a stupid saga, a farce and even a silly & endless waste of time, well whatever anyone feels opinionated by their individual viewpoints or argument, the Trial on the Marsdens is NOT over and far from closure hence, a main sticky thread will cater to that attention

at this link>>>:

http://www.rolclub.com/pips-program-...gnment-17.html

Any further new threads open just for the sake of an individual's ignorance to the progress surrounding the Marsdens or the Trial or anything else on PIPS or PicPay and all the parties involved will find their newly created thread deleted. Issues related to the past and further back in the past, will be posted in the above thread, click that and stay there with your submitted posts please. This is a start of some pruning and spring cleaning on the PIPS related Forum.