Kenneth Marsh had already accepted a plea deal before his September 14th sentence hearing, but now apparently wants to withdraw the plea, claiming multiple personality disorder. The judge in the case was initially expected to give a 5-year sentence, but after hearing from victims of the securities fraud, decided to lean toward 10 years, instead.
This information came to light during Marsh's scheduled sentencing, and his attorneys have asked for a postponement. It is expected that they will either argue for a lower sentence or attempt to go to trial at the rescheduled hearing on September 20th.
Marsh has been accused of being the leader of a scheme in which he and others sold stock tips to investors, ranging in price from $99 to $250,000. According to a case with the SEC, 5,500 people were misled, and the scheme took in $20 million. The scheme was allegedly run through Marsh's Gryphon Holding, Inc.
The case is complicated by Marsh's alleged mental illness, in which he claims multiple personalities. A psychiatrist testified that Marsh appeared to have at least 3 personalities and had created a fictional world in his mind. "He's a husky 44-year old with tattoos, but he's basically a four-year-old boy in arrested development," the psychiatrist said. Other officials claim Marsh's mental illness is as much a fraud as his financial dealings.
Others in the case have already received sentences, ranging from 3 months to 25 months in prison.
The FINRA lawyers with Meyer Wilson represent victims of securities fraud nationwide in stockbroker mediation, arbitration, and litigation.