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Ex-Cocoa Trading Co. Exec Gets 3 Months For $352M Fraud

Law360, New York (September 21, 2018, 7:28 PM EDT) -- U.S. District Judge Jed S. Rakoff on Friday hit a former Transmar Commodity Group Ltd. finance executive with a three-month sentence for his role in a $352 million fraud that bankrupted the cocoa trader and damaged banks, crediting his effort to cooperate but saying the size of the caper required a prison term.

Sixty-year-old Thomas Reich of Brooklyn has admitted to a count of conspiring with the company's father-and-son principals, Peter G. Johnson and Peter B. Johnson, while working as vice president of finance at Transmar and would have have cooperated against the Johnsons had the criminal case gone to trial. ...

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