Man sentenced in Under Armour stock fraud scheme
A federal judge has sentenced a 43-year-old Baltimore man to two-and-a-half years in prison for a stock fraud scheme involving sports apparel maker Under Armour.
Ronald Bowen was sentenced Monday on mail fraud charges in U.S. District Court in Baltimore. He was also ordered to pay $233,000 in restitution.
Federal prosecutors say Ronald Bowen called potential investors around the country saying he could sell Under Armour friends and family stock. He told investors he could buy stock at a favorable price during the company’s initial stock offering. But the company never offered friends and family stock.
In August 2005, Bowen was dating a woman who worked at the Baltimore company and two months later, he began the scheme.
Prosecutors say he made $233,000 between November 2005 and March 2006.
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