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Ex day trader gets prison time for defrauding KeyBank

A New Jersey man will serve three years in federal prison after pleading guilty to a pair of financial scams that totaled 2 million dollars. Federal prosecutors say former day trader Victor Cilli defrauded Cleveland-based KeyBank of more than $1.5 million in student loans by falsely claiming some co-conspirators planned to use the money to attend flight training school in Florida. He also defrauded four investors out of more than $500 thousand in a Ponzi scheme that involved trading in commodity futures.  

Jim has been with WCBE since 1996. Before that he worked as a reporter at another Columbus radio station, and for three newspapers in Southwest Florida.