Bloomberg News reports that Balboa, convicted in December in a retrial in Manhattan federal court, had faced a possible life sentence because of the size of his fraud. The U.S. said investors lost more than $390m based on Balboa’s misstatements.
The life sentence recommended under non-binding federal guidelines 'vastly overstates the seriousness of the offense', U.S. District Judge Paul Crotty said in imposing a lesser term Monday.
The judge also rejected the recommendation by U.S. probation officials for a 12-year sentence. He said leniency was warranted because Balboa, 45, was the sole means of his family’s support and because of his history and character.
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