In 2009, Cacchione was sentenced to six years in the slammer and ordered to pay $50 million in restitution for his role in a $100 million investment scam.
Estimated reading time: 0 minutes, 23 seconds
SEC Bars Jailbird from Becoming an RIA
David Scott Cacchione of Menlo Park, California, hit a roadblock when filing to become a registered investment advisor—regulators frowned upon the fact that he was in jail and they filed an administrative proceeding order to have him banned from the industry. So reports the SFGate.
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