A Manhattan federal judge sentenced two former consultants for Eaze Technologies Inc to prison on Friday for their roles in a scheme to dupe U.S. banks into handling more than $100 million in payments to the online cannabis marketplace.
U.S. District Judge Jed Rakoff sentenced Hamid (Ray) Akhavan, 43, to two and a half years in prison and Ruben Weigand to 15 months in prison. A jury convicted the two men on one count each of conspiracy to commit bank fraud in March.
During the hearings, Rakoff sharply criticized the federal sentencing guidelines, which called for life in prison for Akhavan and up to 24 years for Weigand.
Prosecutors had argued that the $108 million in fraudulently processed payments should be considered a form of loss, which leads to higher recommended sentences under the guidelines.
Read more at reuters.com.