Money Manager Gets Up To 18-Years in Prison for $2.4M Scheme
Amoney manager from Manhattan received a prison sentence of up to 18-years, for his conviction of stealing over $2.4 million from investors to support his over the top lifestyle, including an addiction to pornography and a luxury penthouse apartment.
On Tuesday, October 17, Steven Canady was described by prosecutors as a mere peddler whose company, Alliance Warburg Capital, was just a front used to trick at least seven vic- tims out of their hard-earned money.
Assistant District Attorney Adam Maltz said that Canady’s scam funded his apartment in the Mandarin Oriental hotel, which costs $25,000-a-month, in addition to a pricey porn habit and dining at expensive restaurants.
In Manhattan Supreme Court, Maltz pushed for up to a 20-year prison sentence, saying, “The defendant is a con man and nothing more.”
According to The Post, “Canady, who falsely claimed to be a Cambridge-educated doctor, told investors he’d bankroll their business ventures in exchange for an upfront fee. If he was unable to secure loans for their projects, the fee was supposed to be refunded. But Canady simply pocketed the dough. Fashion designer Hernan Lander testified at trial that he handed Canady $25,000 as an upfront fee in exchange for a loan to put on his show at Mercedes-Benz Fashion Week in 2014. But Canady failed to fin nce the project and took off with the cash. Although he was convicted in May of a slew of raps, including grand larceny, scheme to defraud and forgery, he insisted these were simply failed business ventures.”
Canady said, “I’m not a criminal.”
The evidence against Canady was said to be “absolutely overwhelming” by Justice Daniel Conviser. The judge accused him of “continuing to attempt to defraud this court even today” with his proclamations of innocence.
Conviser handed down a prison sentence to Canady with a range of six to 18-years incarceration, which will make him eligible for parole in six years
“The defendant is a con man and nothing more.”
Manhattan Supreme Court Justice Daniel Conviser said the evidence against Steven Canady was “absolutely overwhelming.”
Money manager Steven Canady was sentenced to a prison term ranging from six to 18 years.