Broker in Magna Suit Sentenced in Separate Case
New York stockbroker Herbert Stone, accused in a civil suit by the Securities and Exchange Commission earlier this month of manipulating the stock price of Magna Technologies of Thousand Oaks, has been sentenced to five years in federal prison for his role in another stock-manipulation case.
Stone was sentenced in U.S. District Court in New York last week for manipulating the stock of European Auto Classics of Great Neck, N.Y. He was convicted April 1.
Stone and three defendants sentenced last week also were ordered to make restitution of about $200,000 to investors who lost money and to pay the government $60,000 in court costs.
Lawyers for Stone and the other defendants have said they will appeal.
Previously, Sam Sarcinelli, a Chicago figure in organized crime now serving time for drug trafficking, pleaded guilty to two counts in the stock-manipulation case.
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