Mark Shapiro, Convicted in Cobalt Scam, Gets 85 Years
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Mark Alan Shapiro, one of three men convicted of defrauding more than 250 people of $23 million in the so-called Cobalt real estate investment scam, was sentenced to 85 years in federal prison.
U.S. District Judge Kimba M. Wood imposed the maximum sentence on Shapiro, 50, in a hearing today in federal court in Manhattan.