Ex day trader gets prison time for defrauding KeyBank

Jun 19, 2012

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.