Thaindian News

Life imprisonment is one issue, but spending 100 long miserable years in jail is quite bizarre. A similar incident was witnessed when Edward Okun, a Miami businessman was sentenced to 100 years in prison after the i’con’ic conman was found guilty for swindling $126 million from hundreds of his clients. The verdict was declared by the U.S. district judge, Robert Payne.

According to the sources, the prosecutors sought for a sentence extending to 400 years, or a similar term amounting to life imprisonment, as Okun was convicted for allegedly conning his clients from his tax deferral firm. Jurors found Okun guilty of conspiracy, wire fraud, money laundering, smuggling and perjury following a three week trial. “The sentence must deter those who have access to funds of others”, District judge Robert Payne said. “If you ruin the lives your others, your life stands to get ruined,” he added as he passed on his judgment.

The conman argued by saying that a sentence of 10-15 years in prison is sufficient. He cited Bernard Madoff’s 150 year sentence, the maximum possible imprisonment, for allegedly running a $65 billion Ponzi scheme. “If we were interested in retribution we can take Mr.Okun outside and tar and feather him,” said Barry Pollack, Okun’s defense lawyer. He battled against the proposal regarding the 400 years of imprisonment. “But that’s not why we were here,” said Pollack who declined to comment after the verdict came out.

According to the court records, Okun allegedly owned a 131 foot yacht, multi million dollar homes, a jet and a helicopter. In 2007, Okun spent $56,252 on dinner with his friends at the Bahamas. The money allegedly belonged to his clients.

Lara Coleman, former chief operating officer of Investment Properties of America, a company owned by Okun, reportedly pleaded guilty on Jan 6 for misleading the investigators and conspiring to commit mail and wire fraud.