BOSTON (WWLP) – An investment banker from Boston was sentenced for violating a consent judgment that prohibited him from participating in the offer or sale of securities.
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According to the Department of Justice, 64-year-old Craig Medoff was sentenced to 20 months in prison, three years of supervised release, and was ordered to pay a $20,000 fine. Back in May of this year, he pleaded guilty to one count of criminal contempt for violating a court order.
Medoff previously worked at multiple investment firms, including Nova Capital International, LLC and Sabrex Development, LLC. He was accused of securities fraud in 2012 in a lawsuit brought by the Securities and Exchange Commission.
He resolved the civil case against him in 2016 by agreeing to a consent judgment that prohibited Medoff from participating in the offer or sale of securities for 10 years. Medoff then created Nova Capital International, LLC, as well as an alias, “Alexander Carlin,” that he used to continue in the securities industry notwithstanding the consent order. Between 2016 and 2023, he used his company and alias to operate as an investment banker on behalf of several private companies that were raising money through the sale of securities. Medoff’s company in total received millions in income, more than $1.6 million of which went to him personally.