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Doral Financial’s Ex-VP Convicted

MANHATTAN (CN) - After a 5-week federal trial, a jury on Thursday convicted Mario "Sammy" Levis of defrauding investors when he was treasurer and senior vice president of Puerto Rico-based Doral Financial. Levis propped up the share price with lies, and as the scheme unraveled, shareholders lost about $4 billion.

Levis managed to pump up Doral's share price from $10 to $50, and his own holdings tripled in value to $60 million, prosecutors said. When the scheme collapsed, its share price dropped back to around $14.

Levis, 46, of San Juan, Puerto Rico, will be sentenced on Sept. 14.

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