A federal appeals panel has upheld the five-year sentence for an Omaha man convicted of securities fraud that cost investors millions of dollars.
It's the second time the 8th U.S. Circuit Court of Appeals has ruled on Bryan Behrens' challenge to his 2009 sentence, which also included an order to repay $6.8 million to 20 investors. In 2011, the 8th Circuit sent his case back to Nebraska's federal district court, saying Behrens should have been allowed to assert a "no knowledge" defense. That provision states that no person shall be subject to imprisonment if he can prove he had no knowledge of the federal rule or regulation.
Last year, the district court imposed the same sentence, saying Behren's "no knowledge" defense failed. On Thursday, the 8th Circuit upheld that ruling.