NYC man sentenced in Arizona based Ponzi scheme
April 28, 2011
Total Loss:
$8 Million
A New York City man has been sentenced to 20 years in federal prison and ordered to pay more than $6.1 million in restitution for an Arizona-based Ponzi scheme.
Christopher Livanos was sentenced Wednesday for his role in an $8 million scam that sold fictitious cashless ATM machines to victims throughout the country.
Prosecutors say the 50-year-old Livanos pleaded guilty in March 2010 to mail fraud and wire fraud charges.
Source:
Wall Street Journal
Posted in:
Collusive Networks
ACH and Wire Fraud