Judge Swayed by Testimony of Financial Fraud Victims
At an August 11, 2011 hearing, a federal judge said that he leaned toward giving Kenneth Marsh a 5-year prison term in exchange for his guilty plea in an alleged securities fraud scam. The judge then changed his mind after hearing from seven victims of the alleged financial scam about how significantly the fraud had affected their lives.At a September 14, 2011 hearing, the judge announced that he planned to impose a sentence of 10 years. Mr. Marsh's attorney protested, and sentencing has been postponed. It is not yet clear whether Mr. Marsh will be able to withdraw his guilty plea.
Mr. Marsh is accused of being the organizer of a scam by Gryphon Holdings Inc. that allegedly misled investors into paying for phony investment advice. A related civil lawsuit claims that Gryphon Holdings scammed about 5,500 people out of approximately $20 million.
All 18 defendants in the criminal case have pleaded guilty.
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