CINCINNATI (AP) — A former Ohio CEO given what a court called a “drastically” light sentence of one week in prison for inflating stock prices and losing investors millions has been re-sentenced to two years in prison.
Michael Peppel originally faced up to a decade behind bars for money laundering and other charges in 2011. Federal Judge Sandra Beckwith sentenced him to one week prison, calling him “a remarkably good man.”
The 6th U.S. Circuit Court of Appeals in Cincinnati overturned his “drastically” light sentence in February, ruling that Beckwith had abused her discretion and ordering her to re-sentence Peppel.
At a May hearing, Peppel cried as he tried to convince Beckwith not to issue a harsher penalty. He said he never meant to hurt anyone and he was already in financial ruin.