Sky Capital’s Mandell Sentenced to 12 Years for Fraud

Ross Mandell, founder of Sky Capital Holdings Ltd., was sentenced to 12 years in prison for operating what prosecutors alleged was an eight-year scheme that defrauded investors of $140 million.

Mandell, of Boca Raton, Florida, was found guilty in July of conspiracy, securities fraud, wire fraud and mail fraud -- all the counts against him -- after a trial before U.S. District Judge Paul Crotty in Manhattan. At a hearing yesterday, Crotty also ordered Mandell to serve three years’ probation, pay a $10,000 fine and forfeit $50 million. Mandell, who is free on bail, must report to prison on June 18, Crotty said.