A federal judge angry, because she handed down to four years in prison (Thursday), who was among the richest people in the country's biotechnology financing.
U.S. District Judge Colleen McMahon repeatedly scolded David Blech and put in prison and 130 million yuan confiscated. She referred to him as "serial stock manipulator" who committed the same crime four times, including by a judge, he promised he would never commit other crimes, he was granted clemency.
When he again requested leniency, McMahon raised her voice response.
"I'm afraid you're going to get all mercy." McMahon said, now is the time for punishment. "No, not this time without mercy!"
Blech, 57 years old, they must be in August to the prison report, engaged in the same scheme, because of his nearly two decades earlier in 2007 and 2008. In the first instance, he cooperate with the government in 1999, instead of prison time and probation, although the sentencing judge warned him that another offense will result in prison.
McMahon said, the Blech until he was suspended for five years has expired, the court has no authority, before committing the crime again.
"You wait until no one was looking over your shoulder, then you dive into the right back," she said.
Blech pleaded guilty to two securities fraud, acknowledged last year that he tried to manipulate a biotechnology company, the value of the "PLURISTEM Therapeutics Company, the investment of more than 1 million U.S. dollars at the end of 2006. Pleaded guilty, he said, he his illegal behavior, he was heavily in debt, to lend him money to family members and others in May 2007 on investment.
He said he did the same when his money from friends and relatives to invest in intellectual neuroscience company in 2005 and early 2008.
Blech told McMahon, bipolar disorder, and gambling addiction led to his crime, he finally progress in efforts to control my addictive behavior. "
"I am extremely sorry," he said. The judge told him that mental illness is no excuse, and pointed out that she had sent to prison plenty of drug dealers and addicts do less than Blech.
In 1992, Blech listed on Forbes magazine's list of the 400 richest Americans, a net worth of more than $ 300 million, but he turned to crime, a decline in the value of technology stocks in 1994 The spring is bound to his investment. Securities of biotechnology his influence was so great, at least a dozen of his dissolution of the company underwriting the stock lost nearly a quarter of their value, D. Blech Co., Ltd. the suddenly closed September 22, 1994, day on Wall Street is known as "Blech Thursday.
To 2001, Blech tell the "Seattle Times" said that he is ready to make a comeback.
"I may have one, it is I," he said. "This time, I will try to do the measurements, only one or two biotechnology companies, I would not try to save the world."
On Thursday sentencing, the judge pointed out, probation authorities said Blech now claims he has no assets and debt of $ 9,000,000.
 
 



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