A federal judge has sentenced a 43-year-old Baltimore man to 2 1/2 years in prison for a stock fraud scheme involving Under Armour. Ronald Bowen was sentenced on mail fraud charges in U.S. District Court in Baltimore, according to the Baltimore Journal. He was also ordered to pay $233,000 in restitution.
Federal prosecutors, according to the newspaper, claim 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.
