Robert E. Bridges, 52, is scheduled to be sentenced today after pleading guilty to 2 counts of wire fraud and admitting that he bilked investors out of more than $5 million through various fraudulent investment schemes. He faces up to 40 years in prison, $5.4 million in restitution and a fine of up to $10.8 million. He was arrested at JFK airport October 12, 2007 after his indictment on 9 counts of wire fraud and 7 counts of interstate theft. Bridges managed to avoid 22 grand jury subpoenas during the investigation.
For the background story, read here.
I am willing to bet that if a reasonable level of due diligence had been conducted, Bridges past would have been revealed to be somewhat checkered. Read our article on conducting due diligence in a post 9-11 world here.
Update (10/28/08): Bridges was sentenced to 70 months in prison (almost six years), plus three years of supervised release and ordererd to pay restitution in the amount of $5,096,954.
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