Michael Stern

Go to Database Search Page

Go to Database Index Page

Charge:	Fraud (securities)
Sentence:	6 months
Years Imprisoned:
Year Crime:
Year Convicted:	2006
Year Cleared:	2008
U.S. State or Country of Crime:	New York - Federal Case
County or Region of Crime:	New York
City of Crime:	New York City
Result:	Judicially Exonerated
Summary of Case:	"Michael Stern was co-defendant of Michael Hayward. Wrongly convicted in 2006 of securities fraud and sentenced to 6 months imprisonment. Both defendants were released on appeal pending the outcome of their appeal. On July 30, 2008 the federal Second Circuit Court of Appeals overturned the men's convictions based on the precedent set in the case of David Finnerty on July 18, 2008, that the government had the requirement to prove the defendant's acted with the intent to deceive their customers, Since their was no evidence their securities customers had been deceived, they hadn't committed fraud."
Conviction Caused By:	Prosecution had an incorrect legal theory that they didn't have to prove that Finnerty deceived his securities customers who lost money.
Innocence Proved By:	"On July 30, 2008 the federal Second Circuit Court of Appeals overturned the men's convictions based on the precedent set in the case of David Finnerty on July 18, 2008, that the government had the requirement to prove the defendant's acted with the intent to deceive their customers, Since their was no evidence their securities customers had been deceived, they hadn't committed fraud."
Defendant Aided By:
Compensation Awarded:
Was Perpetrator Identified?
Age When Imprisoned:
Age When Released:
Sex:	Male
Skin/Ethnicity:	White
Information Source 1:	"USA v. Bongiorno (Hayward), Nos. 07-0331-cr (Lead) (2nd Cir. 7-30-2008)"
Information Location 1:
Information Source 2:	"Ex-NYSE Traders Are Cleared, By Chad Bray, Wall Street Journal, July 31, 2008"
Information Location 2:	http://online.wsj.com/article/SB121745512296898471.html?mod=googlenews_wsj
Information Source 3:
Information Location 3:
Information Source 4:
Information Location 4:
Information Source 5:
Information Location 5:
Book About Case:
Book Information:
Book About Case (2):
Book Information (2):
Movie About Case:
Comments About Case:

Go to Database Search Page

Go to Database Index Page

Michael Stern

Charge:

Fraud (securities)

Sentence:

6 months

Years Imprisoned:

Year Crime:

Year Convicted:

2006

Year Cleared:

2008

U.S. State or Country of Crime:

New York - Federal Case

County or Region of Crime:

New York

City of Crime:

New York City

Result:

Judicially Exonerated

Summary of Case:

Conviction Caused By:

Prosecution had an incorrect legal theory that they didn't have to prove that Finnerty deceived his securities customers who lost money.

Innocence Proved By:

Defendant Aided By:

Compensation Awarded:

Was Perpetrator Identified?

Age When Imprisoned:

Age When Released:

Sex:

Male

Skin/Ethnicity:

White

Information Source 1:

"USA v. Bongiorno (Hayward), Nos. 07-0331-cr (Lead) (2nd Cir. 7-30-2008)"

Information Location 1:

Information Source 2:

"Ex-NYSE Traders Are Cleared, By Chad Bray, Wall Street Journal, July 31, 2008"

Information Location 2:

http://online.wsj.com/article/SB121745512296898471.html?mod=googlenews_wsj

Information Source 3:

Information Location 3:

Information Source 4:

Information Location 4:

Information Source 5:

Information Location 5:

Book About Case:

Book Information:

Book About Case (2):

Book Information (2):

Movie About Case:

Comments About Case: