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Odessa man sentenced to 25 years on penny stock scam

An Odessa man convicted of bilking more than $120 million from victims of a penny stock scheme was sentenced on Tuesday to 25 years in federal prison.

Paul R. Gunter, 64, who was originally from London, lived in Odessa when he was arrested in March 2008 by federal agents. He was found guilty by a federal jury in April.

U.S. District Judge Mary S. Scriven, in addition to sentencing Gunter, also sentenced two conspirators from Great Britain to lesser terms.

According to authorities, Gunter and his daughter Zibiah helped run a corporate hijacking scam for at least four years. The two, along with several others, made millions by selling stock in fake companies that were named after real, but dormant companies.

Charges were dropped for Zibiah after she completed a pretrial diversion program.

Odessa man sentenced to 25 years on penny stock scam 07/23/13 [Last modified: Tuesday, July 23, 2013 6:20pm]
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