Bountiful accountant Marvin D. Haney has received an eight-month sentence on his guilty plea to charges stemming from an FBI undercover penny stock fraud investigation.

Haney pleaded guilty to one count of securities fraud and one count of conspiracy.U.S. District Judge David Winder told Haney Wednesday he'll have to serve at least half of his sentence in prison or jail; the rest may be in a halfway house. Haney will also spend a year on probation, during which he cannot work with any company involved in the securities business.

The accountant also must repay the $15,500 he received for signing two sets of false financial statements as part of a scheme to fraudulently revive a dormant shell company and manipulate its stock.

"He's certainly, to put it mildly, gotten himself involved in a criminal, stupid, incredible sort of thing," Winder said.

Haney's attorney said the certified public accountant will be permanently barred from practicing before the Securities and Exchange Commission and could lose his professional certification with the state.

Haney's role was critical to the stock fraud scheme, said Stewart C. Walz, first assistant U.S. attorney.

"Without somebody like Mr. Haney who was willing to sell his license, this type of offense could not take place." He indicated Haney's punishment will send a message to many other accountants in the community.

Haney is one of seven co-conspirators who have waived indictment and pleaded guilty to various charges in connection with the stock scam. Three indicted defendants - attorney O. Robert Meredith, stock broker Robert C. Gleave and transfer agency employee Candace M. LaCasto - are scheduled for trial July 20.

Stock promoter Rick N. Hansen pleaded guilty to one count of securities fraud and one of conspiracy and was sentenced to 12 months in prison and one year of probation. Promoter Dean S. Lemmon pleaded guilty to one count of conspiracy and was placed on three years' probation.

Stock transfer agent Roger G. Coleman pleaded guilty to one misdemeanor count of securities fraud and was fined $3,000, with $500 of that waived if he pays within six months.

Paul Wayne Nielsen, Sandy, a middleman for accountants and attorneys, pleaded guilty to one count of conspiracy and one of securities fraud and will be sentenced June 26.

Shell salesman Jerry D. Timothy pleaded guilty to two securities fraud counts and one conspiracy count and will be sentenced June 19, along with his wife, Loraine Timothy, who pleaded guilty to one misdemeanor count of securities fraud.