Imprisonment is the result of securities fraud.
U.S. District Judge Denise Cote sentenced James Velissaris, the founder of Infinity Q Management, to 15 years of prison for misleading investors about his company’s total assets. To draw wealthy investors to his financial management company, the former chief investment officer inflated the values of Infinity Q’s holdings to sometimes “impossible” amounts, regularly claiming that the total holdings of the company were worth $3 billion.
Velissaris attempted to redact his guilty plea unsuccessfully before the sentence and requested home confinement instead of prison time to allow for mental health care. Judge Cote rejected the request. Prosecutors requested a “substantial” prison sentence for Velissaris but did not specify how long in their request.
“We hope this lengthy sentence resonates in the financial sector and deters anyone who may be tempted to lie to investors,” U.S. Attorney Damian Williams stated.
As the Lord Leads, Pray with Us…
- For district court judges as they hear and rule on the cases brought before them.
- For U.S. attorneys as they argue cases in district and appellate courts.
- For the heads of U.S. financial and other institutions to market in an ethical and honest manner.
Sources: Reuters, Wall Street Journal
