Tuesday, 5 May 2015
Last updated 6 hours ago
Sep 25 2012 | 11:52am ET
Convicted hedge fund fraudster David Mobley avoided a return to prison yesterday.
The Florida felon's probation officer filed a parole revocation petition after Mobley went a year after his release without making a single payment towards the $77 million in restitution he was ordered to pay. But after the probation officer told him about her plans, he quickly got a job as a laborer, making $8 per hour, and has paid $400 to his victims.
A federal judge in Fort Myers, Fla., dismissed the petition in light of Mobley's payments, but ordered him to pay a quarter of his monthly gross income toward the restitution and warned him that he may be forced to serve out the rest of his 17-and-a-half-year sentence if he slips up again.
Mobley was convicted in 2001 of ripping off investors in his Maricopa International Investment of $140 million. According to prosecutors, he lied to clients about how much he was managing and how well that money was doing, spending lavishly on homes, cars, jewelry and failed business ventures.
He was released from prison in August 2011.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…