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The State : Term Upheld in Poster Scam

A federal appeals court has upheld the conviction and four-year prison sentence of Joseph Bonanno Jr., son of a reputed Mafia boss, in a fraudulent investment scheme involving presidential posters. Federal investigators said Bonanno, through a Los Gatos-based company, concocted a worthless purchase order for 400,000 historical posters featuring U.S. presidents, and used it to get a $200,000 loan from a Salt Lake City company. The charges of mail and wire fraud and conspiracy also involved an attempt--using the same scheme--to get $810,000 in financing from a man who turned out to be a government informant.


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