Groundswell Manager Sentenced To Seven Years

Jun 7 2007 | 11:22am ET

Mark Conway, who duped investors out of some $20 million via his market-timing shop Groundswell Partners, was sentenced to seven years in prison last month, according to the Securities and Exchange Commission.

Last October, Conway pleaded guilty to 13 counts of mail and wire fraud in connection with a scheme in which he defrauded approximately 50 investors.

Conway’s seven-year stint in the big house is to be followed by three years of supervised release, a $1,300 special assessment fine and payment of restitution in the amount of $20 million.

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