Former InnoVida CFO Craig Toll Gets Four Years
Craig S. Toll, who was indicted with Miami Beach businessman Claudio Osorio for allegedly fleecing investors and the U.S. government out of $50 million through his construction company, was sentenced today to four years in federal prison.
U.S. District Judge William Dimitrouleas in Fort Lauderdale also ordered him to pay $3.3 million in restitution.
Toll was chief financial officer for Osorio's Innovida Holdings LLC, which promised to used a space-age material to quickly build homes in places like earthquake-wrecked Haiti. Instead, much of the financing that Osorio boasted about was fake.
Dimitrouleas on Wednesday sentenced Osorio to 12½ years in prison and ordered him to pay nearly $24 million.
The judge said it would be unfair to give a similar sentence to Toll, according to the defense attorney, Richard Sharpstein, a partner at Akerman Senterfitt in Miami.
Dimitrouleas said Toll did not benefit monetarily from the scam and made the crucial mistake of doing Osorio's bidding to keep his job, Sharpstein said.