A New York insurance broker from Albany has been sentenced for his role in a $1 million securities fraud case. The man entered guilty pleas to securities fraud, failing to file state income tax returns and grand larceny. He was sentenced to serve nine years in prison.
According to prosecutors, the man reportedly solicited more than $1 million from investors by promising high returns on their investments in the Saratoga Cheese Company. Instead of investing their money, the man allegedly diverted more than $600,000 to himself. The New York Attorney General's office stated that the man perpetrated the fraud from 2006 until 2012.