Executive Gets 15 Years for Stock Fraud
forbes.com | 3/27/08 | Associated Press
Prison time for the founder of a now-defunct cheese maker that went bankrupt following a stock fraud.
Mark Cocchiola was sentenced to 15 years in federal prison in connection with a scheme that used nearly $400 million in fictitious sales to boost the stock price of Suprema Specialties.
He was also ordered to repay more than $115 million. Cocchiola and the company's chief financial officer were convicted last year on charges that included conspiracy, bank fraud, securities fraud, mail and wire fraud.
The Paterson company was liquidated after filing for bankruptcy protection in March 2002. Prosecutors said Suprema used the illusion of its growth to conduct a series of secondary stock offerings, netting Suprema millions from investors.