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Man Sentenced to 19 Years in Prison for Stock Theft Gets Parole, May Be Sent Back to Prison

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A New York man convicted of stealing $1.1 million in money from an investment firm that had filed for bankruptcy was granted parole Friday after serving 18 years in prison.

Alex Weissman, now 43, was convicted in 2001 of aggravated identity theft, securities fraud and five counts of mail fraud. According to his attorney, Perry Rosenberg, Weissman stole at least 15 securities of New York Life Insurance, trading them like guns. The firm made a deal with Weissman in 1994 to invest in bonds issued by the U.S. Department of Housing and Urban Development.

Weissman confessed to stealing the money, Rosenberg said. He has done his time, he said, and has also completed drug treatment and counseling programs.

And he is paid a $10,000 monthly salary, Rosenberg said.

“He has spent many years in prison, almost a quarter century,” Rosenberg said. “But for Mr. Weissman, this life on the street would not have even started.”

The board granted Weissman parole, and he will remain on parole for 45 days, Rosenberg said. But there was a catch. If he fails to report to an officer during that period, Rosenberg said, Weissman’s parole would be revoked and he would be sent back to prison.

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