Confessed Ponzi schemer gets 10 years for 31 Million fraud
May 17, 2011
Total Loss:
$31 Million
A former Connecticut resident who admitted to swindling investors in a decade-long Ponzi scheme was sentenced Monday to 10 years in prison and ordered to repay $31 million to his victims.
Michael Goldberg, 40, pleaded guilty to three counts of wire fraud in the U.S. District Court for the District of Connecticut last November, in connection with a 12-year scam in which investors sank more than $100 million into fake diamond contracts and distressed asset deals supposedly backed by JPMorgan Chase.
Source:
Thomson Reuters
Posted in:
Collusive Networks
ACH and Wire Fraud