Ponzi scheme operator sentenced to 8 years
July 19, 2011
Total Loss:
$9 Million
A 62-year-old Richmond man who ran a Ponzi scheme that led to almost $9 million in losses to investors was sentenced to 8 years and one month in prison this morning.
Julius Everett Johnson used at least 10 different area businesses and bank accounts he owned and controlled to shift around money from investors in Virginia and North Carolina so that new investments could pay off old ones.
Source:
Richmond Times
Posted in:
Collusive Networks
ACH and Wire Fraud