Judge sentences two in $8 million securities fraud

1 case postponed

April 15, 2000|By Mark Ribbing | Mark Ribbing,SUN STAFF

In Richard Scott's fraud case, no assumption has provedsafe: Friendships have been revealed as frauds, gurus unmasked as charlatans and large amounts of money reduced to worthless paper.

So perhaps it was fitting that the day the former Camp Springs coin-and-stamp dealer was to have been sentenced for cheating about 100 people out of more than $8 million -- including author and Orioles co-owner Tom Clancy -- the court decided yesterday to postpone its decision because of the defendant's failing health.

Prince George's County Circuit Judge G. R. Hovey Johnson sentenced Scott's two partners, while granting the request for a 60- to 90-day postponement for Scott, 54. Scott's attorney, Bruce L. Marcus, said he suffers from kidney and liver failure and must undergo medical treatment.

Scott and his partners have pleaded guilty to two counts of securities fraud and one count of conspiracy to commit fraud for their roles in investment schemes.

Edward M. Pereira of North Beach was sentenced to 180 days in prison, a $3,500 fine and three years of probation. Jeffrey Goodman was let off with three years' probation because of what Johnson said was his assistance in the investigation of the case.

Pereira said the judge and the government had violated the terms of his plea agreement, which he said provided for home detention, not imprisonment.

Johnson said the agreement did not bar him from putting Pereira in jail. Pereira's lawyer, Leonard R. Stamm, said he is considering challenging the sentence.

Stamm sought to depict his 35-year-old client as the least guilty of the defendants. However, it was Goodman, 46, who succeeded. His attorney, William C. Brennan, said Goodman happened to "wake up one morning and find that he was on the wrong side of the law."

Sean Logan of Maryland First Financial Services Corp. in Baltimore is one of the court-appointed receivers trying to retrieve the lost funds. He said he and another receiver have come up with about $4 million.

"I'm still missing $4 million," Logan said. "Are those sentences appropriate for the $4 million I'm missing? They seem a little light."

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