Saturday, January 17, 2009

2 More Sentenced In $50 Million California Ponzi Scheme Case

Ricky D. Sluder, 51 of Houston, Texas and Larry C. Saturday, 66, of Savannah, Georgia, were each sentenced this week to prison for their roles in a Ponzi-type investment fraud scheme in Southern California. Sluder was sentenced to 188 months in federal prison and ordered to pay $44,872,152.38 in restitution. Saturday was sentenced to 63 months and ordered to pay $22,436,076.19 in restitution. The two, who were found guilty of conspiracy and wire fraud, were part of a conspiracy to defraud investors in several fraudulent investment schemes, including "Learn Waterhouse, Inc.," "Wealth Builders Club, Inc.," and "Qwest International, Inc.," according to prosecutors. Other defendants in the case include, Randall T. Treadwell and Arnulfo M. Acosta, who have both been previously convicted and sentenced in this case.

Read FraudTalk's prior post on this story here.

Read the DOJ's press release on the sentencing here.

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