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.