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Corporate Crime: Judge Rejects Former Merrill Lynch Broker's Plea Deal

Acting New York Supreme Court Justice Carol Berkman turned down a plea agreement Wednesday for former Merrill Lynch broker Steven Mandala, who was charged in February with grand larceny after stealing $780,000.

Berkman rejected the defense's motion that Mandala would plead guilty to grand larceny in exchange for a promise that Mandala would only serve one to three years in prison if he paid $400,000 in restitution upfront. Berkman stated that she thought three to nine years would be more appropriate and didn't feel that someone should be able to buy their way out of state prison.

Krystal Wilson

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