Newsday from New York, New York • 21

Wfc igyyy tryyyT g- --y giryTry iurgysy-f-y-i y-jKjryfr-yysy-'T rg-" ri A91 1- vT aXkvtlLtf iTr wi DOW TREND FMT-WTMTWTF Stratton Belfort Sentenced By Susan Harrigan Stock fraud co-conspirator gets 4 years fined $110M Bive and fraudulent sales pitches Insiders then sold out causing prices to collapse and leaving thousands of investors holding nearly worthless shares Belfort and Poruah pleaded guilty to money-laundering and securities fraud in May 1999 Since then Belfort has served as a cooperating witness with his case handled by Darnel Alonso chief of the criminal division in the Eastern District of New York and David Pitofsky deputy chief of that division Belfort has helped win convictions in roughly two dozen cases connected with schemes Gleeson said Poruah who also agreed to cooperate as a witness lost his effectiveness in 2001 when officials in Flori da charged him with unlicensed telemarketing He pleaded guilty to two misdemeanors in that case and received a 13-month sentence that runs concurrently with a four-year jail term he received from Gleeson in May 2002 At hearing Belfort 41 said he kegrets his former actions just feel so bad about he said hurt a lot of people including family I knew exactly what I was doing I just stop Now I try to always do the right -Gleeson said cooperation many years off" the jail term he would otherwise have gotten but that it must be balanced against years of brazen arrogant In addition to hurting investors Gleeson said Bel-' fort hundreds of young who worked at Stratton and took regulators the cleaners by foiling to honor the terms of a 1994 settlement with the SEC he said1 Jordan Belfort oo-maatermind of one of the moat notorious small-stock manipulation achemea in hiato-ry waa sentenced in a Brooklyn federal court Friday to 4 years in prison Judge John Gleeson also ordered Belfort to pay about $1104 million in restitution to victims of Stratton Oakmont the Lake Succeas-baaed operation run by Belfort and hia former partner Daniel Poruah The money will be paid in installments amounting to 50 percent of Belfort's monthly gross income after hia release Glee-' son said going to earn a lot of he said have no Stratton Oakmont founded in 1989 and dosed by regulators in December 1996 specialised in and achemea Brokers using banks of telephones ran up the prices of small stocks with aggres- Stocks Rally Judge: Trump can keep $32 million of Uzans down payment Of Declines After making the down payment for the apartments in what was once described as the tallest residence the Uzans foiled to close as scheduled on Oct 19 2001 They said the terrorist attack that destroyed the World Trade Center caused them to change their minds 'The selling sponsor 845 UN Limited Partnership which is controlled by Trump exercised its right to the down payment The brothers THE ASSOCIATED i Two Turkish brothers and businessmen who put nearly $8 million down on four apartments in Trump World Tower and then backed out of the deal because of the Sept 11 attack on the city can get only part of their money back a Manhattan judge ruled State Supreme Court Justice Alice Schlesinger in a decision made public late Thursday said the seller a company controlled by Donald Trump could keep $32 million that Cem and Hakan Uzan put down on the apartments they contracted to buy for $318 million 1 The Uzans had put down in installments a total of $79 million one-fourth of the purchase price The judge said she would analyze damages and expenses to see whether he is entitled to any of the remaining $47 million The Uzans from one of the richest families contracted in 1999 to buy the apartments two on tiie 90th floor directly above two on the 89th floor before the residence which overlooks the United Nations building was completed Donald Tramp got the 10 percent of the total price but I think we should be entitled to the whole 25 Trump said have the right to go after the other 15 percent and we would Trump said he probably will appeal David Rosenberg lawyer for the Uzan brothers said Trump could have had the $32 million at the outset of the litigation offered hum that and the judge advised him to take it but he Rosenberg said percent is what the seller gets if the buyer breaches We contend that any amount over that is a penalty and penalties of this kind are against public Stocks shot higher Friday boosted by an upbeat outlook from Microsoft and desire to buy after three days of declines Analysts also attributed the rally to increased confidence and willingness to bet on an economic rebound in the second half of 2003 are back to almost a momentum driven market Everyone wants to be invested It is a herd said Michael Murphy head trader at Wachovia Securities in Baltimore are looking for reasons to buy stocks not looking for reasons to The Dow Jones industrial average yesterday dosed up 13733 or 15 percent at 918815 more than recouping the 12633 points it forfeited in the previous three sessions The market's broader gauges also bounced back after three straight declines The Nasdaq rose 1048 or 06 percent to 1708 A0 having dropped 4995 points on Thursday the biggest one-day loss in four months The Standard Poor's 500 index advanced 1159 or 12 percent to 99332 For the week the Dow gained 6856 or 08 percent The Nasdaq fell 2543 or 15 percent while the declined 482 or 05 percent Since March 11 when this rally began the Dow has climbed 166409 or 221 percent the Nasdaq 43704 points or 344 percent and the 19259 points or 241 percent rally waa owed largely to Although the software maker missed quarterly earnings expectations by a penny late Thursday it announced that It was raising its outlook for fiscal year 2004 That was just the kind of news bullish investors were Microsoft rose 39 cents to $2708 1 Early in the session a disappointing reading on mood weighed on the market The University of preliminary reading on consumer sentiment came in at 90 A up from 897 in June but below the 905 expected by analysts In the bond market evidence that the economy is growing stronger caused UR Treasuries to fall in New York trading with the 10-year note having its steepest weekly decline since the invasion of Iraq The benchmark 10-year note which last month declined to a 45-year of 307 percent rose above 4 percent AOL Eyes Sale Of Businesses distribution for Warner Music Warner Home Video and New Line Cinema in North America and Europe The businesses being sold to Cinram contribut--' ed $100 million in operating income in the first six months of the year AOL Time Warner said The Associated Press EB1EE LAUDER BEAUTY BUY The Estee Lauder Cos Inc nil BVMny it has nnqiiintvi flw Rnrian A Fields akin care lino launched hr dermatologists Katie Rodan and Kathy Fields Terms of the deal disclosed Estee Lauder the New York-based beauty products giant said the new line offers a targeted approach to specific skin problems Rodan Fields of Oakland Calif will become part of Estee Specialty Brands portfolio Rodan and Fields will remain with the company as co-presidents Combined News Services MOM FINALIZES CABLE DEAL Metro-GoldwynrMayer Tne onnmineod Friday that it has closed the sale of its 20 percent equity interest in the AMC IFC and WE cable networks to Bethpage-based Cablevisiaa Systems Ckirp The transaction valued at $500 million was announced last month Staff Report a 2 a i AOL Tima Warner Inc said Friday it is selling Warner DVD and CD manufacturing businesses to a Canadian company for $105 billion The cash deal was the latest in a series of moves aimed at cutting debt from nearly $26 billion at the beginning of this year to $20 billion by the end of 2004 In recent months AOL has sold its 50 percent stake in the Comedy Central cable channel to Viacom Tne for $12 billion and shed an $800 million stake in Hughes Electronics Corp AOL settled a lawsuit against Microsoft Corp for $750 million 1 The CD and DVD business is going toScarbor-ough Ontario-based Cinram International Inc which will take over manufacturing packaging and i -i.