Morrie Tobin, the Los Angeles financier who tipped federal authorities in Boston to William “Rick” Singer’s college admissions scam, was sentenced Wednesday to a year and a day in prison for selling stock at fraudulently inflated prices to unwitting investors, robbing them of millions.
U.S. District Judge Nathaniel M. Gorton acknowledged Tobin’s “extraordinary” cooperation in helping unravel both his own securities fraud and “the infamous college admissions case,” but he said he could not allow a felon who has admitted trying to fleece investors of $15 million to avoid prison.
“Your motive was pure and simple greed,” Gorton told him.
He ordered Tobin, 57, to report to prison by Sept. 23. Before he was sentenced, Tobin told the judge he was “extremely, sincerely sorry and ashamed” of his crimes and said he had since tried “to do everything possible to make amends.”
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