Monday, November 23, 2009

California Man Pleads Guilty In $25 Million Investment Fraud Scheme

Richard M. Hersch, 72, pleaded guilty last week to defrauding investors at least $9.2 million in an investment Ponzi scheme that attracted over $25 million by promising as much as six percent per week. Hersch's scheme involved his company, All States ATM, Inc., which purported to place ATM machines at horse racing tracks around the country. Hersch was indicted last April on 15 felony counts. This is apparently the same Richard M. Hersch who was convicted in 1995 in a tax preparation fraud case.

Read the story here and here.

Read the DOJ announcement here.

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