NEWARK, N.J. (BRAIN) — A sentencing hearing has been rescheduled for Samuel J. Mancini, who pleaded guilty last year to securities fraud related to a fund with plans to buy several Italian cycling brands.
The hearing had been scheduled for Tuesday, but now will be held April 19 at the U.S. District Court for New Jersey in Newark.
Mancini was CEO of Outdoor Capital Partners, which raised more than $11 million from about 40 investors to acquire De Rosa Cycles, De Marchi Apparel, Limar Helmets and Gruppo Srl, the parent of Cinelli and Columbus. None of the acquisitions were completed.
The plea agreement reached last April requires Mancini to make full restitution to victims. It does not require prosecutors to recommend a sentence so Mancini’s public defender and the prosecution are expected to argue for different sentences at the hearing before the judge.
Mancini initially was charged with criminal securities fraud, two counts of wire fraud and a count of money laundering. While the single count has a maximum sentence of 20 years in prison and a maximum fine of $5 million, non-binding sentencing guidelines suggest a minimum prison term of 10 months.
The guilty plea is for one count of the criminal charges filed by the U.S. Attorney's Office in New Jersey. In a separate civil case also filed in New Jersey, the Securities and Exchange Commission is charging Mancini with securities law violations. In the civil case the SEC is asking for disgorgement of ill-gotten gains with interest and civil penalties. The SEC also is seeking to bar Mancini from serving as an officer or director of any public company. The civil case is on hold until the criminal case is concluded.
