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Firm's ex-chief gets prison for role in fraud
By Vanessa Blum
South Florida Sun-Sentinel
Posted January 20 2007
The former president of Fort Lauderdale investment firm
Mutual Benefits Corp. was sentenced Friday to 20 years in prison for
his role in a scheme prosecutors say cost investors more than $800
million.
But Peter Lombardi, who pleaded guilty to securities fraud in
October, won't start serving his sentence until at least April.
U.S. District Judge Paul
Huck in Miami agreed to postpone Lombardi's imprisonment so the
56-year-old Fort Lauderdale resident can continue to help prosecutors
investigating the case.
"His ability to remain out is critical to the ongoing investigation,"
said prosecutor Andrew Levi.
Lombardi's attorney, Jon May, said he would argue at a later point for a
sentence reduction to reflect his client's cooperation.
"I'm very sorry for the harm I caused the investors," Lombardi said before receiving his sentence. "I'm doing everything I can to assist the government." ...