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Man pleads guilty to Ponzi scheme

| Nov 3, 2016 | Embezzlement |

Minnesota residents who have ever been arrested and charged with a serious crime know just how difficult it can be to truly understand the nature of a situation based upon news reports. Very often, the limited information provided in such accounts position defendants in an extremely negative light. Whether the charges are for money laundering, fraud or something else, this can make life very difficult for anyone facing these types of charges.

A man from Missouri today must wrestle with this reality as he is the subject of recent reports concerning his involvement in criminal charges at a federal level. The 54-year-old man from Springfield is said to be involved in not just one but in multiple white collar crime cases. One of these cases is in a federal court and involves an alleged Ponzi scheme. Other cases include one with civil charges in Minnesota and a state charge in Greene County.

The man has pled guilty to charges related to the Ponzi scheme and was recently ordered by a judge to spend 35 months in prison. He will not be eligible for parole during this time. In addition, the defendant must repay the more than $1.1 million he is said to have used for personal needs or to pay other investors in his supposed business. Details about what evidence was obtained or what led to the initial investigation and arrest are not known.

People in Minnesota who must defend against white collar crime charges may find it helpful to contact a lawyer to understand how federal court works.

Source: Ozarks First, “Springfield Man Sentenced for $1.1 Million Investment Fraud,” Oct. 20, 2016