LR ex-lawyer gets 7-year sentence in US court
By The Associated Press
This article was published November 23, 2009 at 3:44 p.m.
Former lawyer Gene Cauley has been sentenced to more than seven years in prison after pleading guilty to wire fraud and criminal contempt of court.
Cauley was accused by federal prosecutors in New York of diverting $9.3 million of clients’ money to his own use. He was sentenced Monday to 86 months in federal prison on the wire-fraud charge and another 48 months — to be served at the same time — for criminal contempt of court.
U.S. District Judge Paul A. Crotty noted that Cauley had already paid $500,000 in restitution, and ordered the remaining $8.8 million to be repaid within a year. The missing money was from a $66 million settlement of a class-action lawsuit. Cauley says he diverted $9.3 million of the money into his own ventures.
Cauley surrendered his law license to the state Supreme Court in May.
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