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by Mike Caswell

Sandy Masselli, the former chief executive officer of defunct Canadian Securities Exchange listing Carlyle Entertainment Ltd., has pleaded guilty to criminal fraud charges that he faces in New Jersey. Prosecutors claimed that Mr. Masselli defrauded credit card companies and investors, and carried out a fraud that targeted his mother. Among other things, he used investor money to pay his personal credit card and to pay for a luxury vehicle.

Mr. Masselli entered the plea in an appearance on Tuesday, Sept. 19, before a federal judge in New Jersey. The charges to which he pleaded guilty are wire fraud (five counts), bank fraud (two counts) and securities fraud (two counts). Prosecutors and defence lawyers have agreed on a sentence of five to six years, but the judge will, of course, have the final word.

Mr. Masselli's plea agreement also has a financial component. As part of the deal, he has agreed to pay at least $2.9-million in restitution. (All figures are in U.S. dollars.) He has further agreed that his sentence will include three to five years of supervised release.

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