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Former Optionable CEO sentenced to 30 months

Exec helped defraud Bank of Montreal

Kevin Cassidy, the former CEO of commodities brokerage Optionable Inc., will spend two-and-a-half years behind bars for his role in a fraud scheme involving the Bank of Montreal, commonly known as BMO Financial Group.

In 2008, prosecutors accused Cassidy of helping David Lee, a former senior commodities trader at BMO, inflate the value of the bank’s natural-gas trading portfolio from 2004 to 2007. By 2007, the scheme generated more than 40 percent of Optionable’s revenue.

Ashley Post

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