NEW YORK -- A former New York Islanders co-owner who received a 10-year prison term for a fraud conviction has gotten his sentence cut in half.
Judge Loretta Preska on Wednesday announced the new five-year sentence for Paul Greenwood in Manhattan federal court.
A federal appeals court this year ordered the resentencing. The 2nd U.S. Circuit Court of Appeals said another judge wrongly based the 10-year sentence in part on a finding that Greenwood had left some individuals financially devastated.
A prosecutor says 98 to 99 percent of investors' money had been recovered. She says Greenwood had cooperated fully even before he pleaded guilty in 2010 to securities fraud.