United States v. Mitchell J. Stein
Court Docket Number: 9:11-cr-80205-KAM
This case is assigned to Judge Kenneth A. Marra, U.S. District Court Judge for the Southern District of Florida, Paul G. Rogers Federal Building, 701 Clematis Street, Courtroom 4, West Palm Beach, Florida 33401.
On April 8, 2015, the Court ordered Stein to pay restitution in the amount of $13,186,025.85 to the 2,415 victims that have been identified by the U.S. Probation Office. In view of Steinís present indigence, the Court ordered Stein to pay a minimal amount per month toward satisfaction of the restitution amount, specifically, 50% of his prison wages (if any) or $25 per quarter while he is incarcerated, and 10% of his monthly gross earnings after he is released. Those monthly payment amounts may be modified at a subsequent time based on any changes in Steinís financial circumstances.
A sentencing for Mitchell J. Stein occurred on December 4, 2014 and December 5, 2014, at which Stein was sentenced to 204 months of incarceration, followed by 2 years of supervised release, and ordered to forfeit $5,378,581.61. The Court cancelled the restitution hearing that had been scheduled for February 27, 2015; currently pending before the Court is a motion from the United States seeking a restitution order in the amount of $13,186,025.85.
On May 20, 2013, after a two week jury trial, a jury convicted Mitchell J. Stein, an attorney for Signalife, Inc. (Signalife), on all fourteen counts related to a five-year, multi-million dollar market manipulation fraud scheme. Signalife, a South Carolina health care device company was later known as Heart Tronics, Inc., and the company's stock was traded under the symbols SGN and HRTT.
Related Cases: In a related case in the Central District of California, United States v. Ajay K. Anand, a former investor in and consultant for Signalife, was sentenced to one year of probation. Anand pleaded guilty to one count of obstruction of proceedings before the Securities and Exchange Commission (SEC) stemming from his making false and misleading statements about his knowledge of and involvement in certain activities of Signalife. Also, in another related case pending in the District of Columbia, United States v. Martin B. Carter, Carter, the former Chief Technology Officer of Heart Tronics, Inc., was sentenced to time served and 36 months of supervised release. Carter pleaded guilty on October 5, 2011 for his role in the fraudulent scheme.
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U.S. v. Mitchell J. Stein, Criminal Indictment, Unsealed December 13, 2011
Press Release - Sentencing Outcome, December 5, 2014