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27 Nov 2014

U.S. District Judge John G. Koeltl announced the sentence of two years and 10 months in prison for Hotton, who declined to speak on his own behalf as he sat at the defense table in his prison uniform. He has spent nearly two years in prison after violating his bail conditions. Hotton must also forfeit $500,000 and pay $68,000 in fines. In a handwritten submission to the court, Hotton apologized. "My need for quick advance fees outweighed my intention to work completely honest," said Hotton, who wrote that he had been paid about $600,000 annually during 20 years on Wall Street. They said he asked for a $7,500 initial fee, a percentage of the funds he raised and expenses along the way.
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