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Criminal Law

ValueWise CEO Michael Mann Pleads Guilty to $100M Fraud

ValueWise CEO Michael Mann pled guilty Wednesday to orchestrating a years-long fraud that caused more than $100 million in losses to banks, financing companies and other businesses, according to the Justice Department.

U.S. Attorney Grant C. Jaquith for the Northern District of New York and Thomas F. Relford, the special agent in charge of the FBI’s Albany field office, brought the charges against Mann.

Mann is slated to be sentenced in December to two years in federal prison on the aggravated identity theft conviction and faces maximum terms of three years for filing a false tax return, 20 years for wire fraud conspiracy, and 30 years for bank fraud.

The sentence will be imposed by a judge based on the particular statute the defendant is charged with violating, the Justice Department said.

Read the source article at foxbusiness.com

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