Monday, November 16, 2009

Virginia Ponzi Schemer Sentenced To 7 1/2 Years

John Mark Donnelly, 53, of Crozet, Virginia, was sentenced to 90 months in prison for operating a Ponzi scheme that bilked some 30 investors out of at least $5 million, according to authorities. Donnelly had previously plead guilty to wire fraud, securities fraud and other fraud charges in May in connection with the case wherein he peddled a complex stock and futures trading program and sent false statements to investors. The scheme promised returns of 22 percent or more. He was originally arrested last March.

Read the story here, here and here.

No comments: