Posted: May 3, 2012 5:48 PM
Updated: May 3, 2012 5:48 PM
Source: Associated Press
NEW YORK - A former investment manager known as Wall Street's "bad boy" has been sentenced to 12 years in prison.
Ross Mandell was sentenced in New York on Thursday for his conviction on charges he defrauded U.S. and European investors of $140 million.
He was convicted last year on conspiracy and securities fraud charges.
The Brooklyn-born Mandell was the former chief executive officer of Sky Capital. The firm had offices in London, New York, Florida and New Jersey.
His lawyer says he'll appeal. The trial captured the hard-partying lifestyle brokers enjoyed during the dot-com boom of the late 1990s and early 2000s.
Prosecutors say Mandell treated his brokers to fast times in London, spending $1.3 million at the nicest hotels in Europe and bringing plenty of petty cash for strip clubs and prostitutes.