Wednesday, July 1, 2009

New Jersey Man Sentenced To 30 Years For $6 Million Ponzi Scheme

Glyn W. Richards, 45, formerly of Haddon Heights, New Jersey, was sentenced to 30 years in prison for defrauding investors out of some $6 million in a Ponzi-type scheme. Richards had pleaded guilty to mail fraud and money laundering in June 2008. According to prosecutors, Richards defrauded investors from January 2005 to June 2007 by falsely claiming to have defense contracts in Iraq with a trucking firm, All Freight Logistics, Inc., of Audubon, New Jersey. He reportedly promised extraordinary returns, but in fact paid earlier investors with later investor funds. According to reports, Richards became a fugitive early this year, but arrested in Tampa, Florida in February. He has had a prior arrest and conviction for theft by deception, according to media reports.

Read the story here, here and here.

Read the criminal Information here.

Some victims set up a blog called Glyn Richards Scam here.

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