Florida Man Receives Prison Sentence for Stock Fraud

Miami, FLA Florida man was sentenced recently to more than three years in federal prison after he allegedly promoted a stock fraud scheme through voicemail messages, The Associated Press reports.

span itemprop="image" itemscope itemtype="https://schema.org/ImageObject" style="display:block">A federal judge in Washington, DC, reportedly handed down the sentence recently after 48-year-old Jeffrey S. Mills of Longwood, Florida, previously pleaded guilty to charges of securities fraud and conspiracy, according to the news source.

Prosecutors alleged that the stock fraud scheme, which took place in 2004, involved hundreds of thousands of voicemail messages left on various answering machines that encouraged people to purchase different stocks at prices that were significantly inflated.

The messages reportedly indicated that the person was receiving inside information pertaining to the specific stocks, according to the news source.

Mills, who purportedly sold more than 200,000 shares of the stock at inflated prices, received the prison sentence along with 200 hours of community service and was ordered to pay more than $88,000 in restitution, the news provider said.