An “expert conman” who told investors a Goldman Sachs Group Inc. connection could get them in on Alibaba Group Holding’s 2014 initial public offering was ordered to spend nearly 16 years in prison.
Frank Harold Rosenthal was sentenced Thursday to 188 months in prison by US District Judge Fernando L. Aenlle-Rocha in Los Angeles. That was substantially more than the roughly 10 years sought by prosecutors and several times the 21-month sentence suggested by Rosenthal himself. Rosenthal was also ordered to pay more than $1.1 million in restitution.
Rosenthal, 48, pleaded guilty in June to collecting some $4 million from investors based on false claims that he had a source at Goldman who could get them pre-IPO shares in Alibaba….
Source: Fake Goldman Insider Gets 16 Years for Alibaba IPO Share Scam – Bloomberg
