According to Assistant U.S. Attorney Michael Barnett, Gillis served less than one day in jail.

“He was in custody only when he was arrested and charged,” said Barnett.

Gillis is also required to forfeit $379,562.41 and to pay $226,500 in restitution to the Securities Investor Protection Corporation.

In 2012, Gillis was a co-owner of Hudson Valley Capital Management Inc., a securities broker-dealer with offices in Saranac Lake and Croton-on-Hudson, New York. Gillis was a licensed stockbroker and worked out of Saranac Lake, where he had moved from Croton-on-Hudson.

Gillis admitted to purchasing shares of a stock and then transferring the shares to three Hudson Valley customers at improper markups of up to 280 percent. As a result of the markups, Gillis stole $379,652.41 from the customers. Gillis did this to cover up a nearly $400,000 loss he suffered while trading securities for his own benefit.

The case was investigated by U.S. Attorney Grant Jaquith and Peter Magnetto, acting special agent in charge of the FBI’s Albany Field Office, and prosecuted by Assistant U.S. Attorney Cyrus Rieck.

Gillis is no longer in the stock business. He and his wife now own and run Blue Line Brewery in Saranac Lake.