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news NEWS RELEASE

Manchester Stockbroker Sentenced

Note: this press release was issued by the Division of Criminal Justice
and not by the Department of Banking. For further information, please contact
the Division of Criminal Justice at (860) 258-5997.

February 27, 2001  -

Chief State's Attorney John M. Bailey announced the sentencing today of Boutros Mansour, aka Pierre Mansour, age 39, of Manchester, CT in Manchester Superior Court.  Mansour had previously entered guilty pleas to four counts of Larceny in the Fourth Degree.

Mansour was arrested following a joint investigation by the Chief State's Attorney's Office and the Connecticut Department of Banking, Securities and Business Investments Division. During 1997 and 1998, Mansour had worked in Manchester as a registered securities agent for Securities America. Mansour was accused of soliciting several existing clients to invest in what he described as a hedge fund or arbitrage trading program. No documents or information about these investments has ever been provided by Mansour. Securities America later reimbursed some of Mansour's clients for their losses.

Judge Jorgé A. Simon sentenced Mansour to 11 months incarceration, execution suspended after the service of 6 months incarceration, followed by 3 years probation, during which time Mansour is prohibited from engaging in the securities business. Mansour also made full restitution to his former employer, Securities America, in the amount of $28,375. In addition, Mansour made a contribution of $12,000 to the Banking Department's Investor Education Fund, which will be used to increase public awareness among Connecticut residents of the proper way to invest in securities. He also made a separate contribution of $10,000 to the Connecticut Crime Victims Fund, and paid a fine to the court totaling $8,000.

The case was prosecuted by the Statewide Prosecution Bureau in Bailey's Office.