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Fla. man busted for securities fraud scheme

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Updated: 12/16/2013 5:00 pm

NEW YORK (AP) -- A Florida investment adviser and onetime Oregon political candidate is facing prison for a $13 million securities fraud scheme.

Federal prosecutors in Manhattan say Craig L. Berkman of Odessa, Fla., capitalized on enthusiasm for shares of Facebook and other Internet companies about to go public.

Berkman is expected to be sentenced late Monday afternoon.

He pleaded guilty in June to securities fraud and wire fraud.

He has agreed to serve between eight and 10 years in prison. Otherwise, he could have faced up to 40 years in prison.

Berkman was a candidate for Oregon governor in 1994. He served as Oregon's state Republican party chairman from 1989 to 1993.

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