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On February 16, 2021, U.S. District Judge Jeffrey Schmehl sentenced Robert McCabe to 4 1/2 years in federal prison and ordered McCabe to pay over $1.1 million in restitution to the more than 40 victims of his decade-long fraudulent investment scheme. McCabe plead guilty in November of 2020 to 21 counts of fraud including securities fraud, wire fraud, and mail fraud. The SEC had previously instituted a parallel civil action seeking injunctive relief, disgorgement, and civil money penalties. A judgment against McCabe and his holding company was entered in that case in November of 2020 following McCabe’s plea of guilty.
Slate Belt man gets 4.5 years in prison for $1M worthless stock scheme
Updated Feb 16, 2021;
A Slate Belt man was sentenced to four and a half years in prison after he stole more than $1 million from family members, friends and fraternity brothers in a phony investment scheme.
Robert McCabe, 76, of Bangor in September was charged by federal prosecutors with 21 counts of securities fraud, mail fraud and wire fraud. Aside from the prison sentence, McCabe also was sentenced this week by U.S. District Court Judge Jeffrey L. Schmehl to three years of supervised release and ordered to pay more than $1 million in restitution to more than 50 victims.
A Bangor man will go to prison and must repay more than $1 million taken in a fraudulent investment scheme that targeted friends, family and members of a Lafayette College fraternity.