United States v. James Lloyd

OPINION

ROSENTHAL, District Judge:

Five defendants appeal their convictions or sentences for selling unregistered securities. The defendants worked for telemarketing “boiler rooms” in California and Florida, soliciting investments in partnerships to finance the production and distribution of movies. The defendants promised potential investors that the investments would return swift and large profits, with little to no risk. Approximately 650 individuals — including unsophisticated people who could not afford the financial loss— invested over $23 million. Most of the investors lost it all.

These…