Wednesday, June 29, 2005

White Collar Defendant Gets 87 Month Prison Term in Fraud Case

Just to note that some judges continue to adhere to the Federal Sentencing Guidelines and impose significant sentences on defendants in white collar cases, U.S. District Judge Joseph Greenaway in New Jersey sentenced Rene Abreu to an 87-month term of imprisonment for his leading role in a large-scale bank and mail fraud scheme involving his company, The Mortgage Pros.  The sentence was at the top of the advisory Guidelines sentencing range.  According to a press release issued by the U.S. Attorney's Office (here): "Abreu was convicted on Aug. 4, 2004, on 21 counts of the 28-count Indictment naming him, three employees and a senior vice president of Hudson United Bank. The counts of conviction against Abreu included conspiracy to commit mail fraud, conspiracy to defraud Hudson United Bank by engaging in a fraudulent check-kiting scheme, conspiracy to structure currency transactions and specific counts of mail fraud, bank fraud and cash structuring."  In a sure sign that bad things were to come, the judge said that Abreau moved from being an admired businessman to a "plain crook."  A seven year term for a fraud that resulted in a restitution order of a little less than $500,000 is a substantial term of imprisonment, and the status of the defendant clearly got Judge Greenaway's attention. (ph)

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