Tuesday, December 1, 2009
Update: Former Pennsylvania Fund Manager Gets 15 Years In $35 Million Ponzi Scheme Case
Joseph S. Forte, 53, of Broomall, Pennsylvania and a former Philadelphia-based fund manager, has been sentenced to 15 years in prison for operating a Ponzi-type investment fraud scheme that bilked investors out of some $35 million. According to the original SEC complaint, Forte's scheme - luring investors in fraudulent futures contracts via his investment vehicle, Joseph Forte, L.P. , started in about 1995. Forte allegedly promised investors returns ranging from 18 to 38 percent per year with little or no risk. In all, he took in a reported $80 million. He donated to charities and funded private schools his kids attended. Forte also bought a beach house in New Jersey and by some accounts, lived a lavish lifestyle. Forte pleaded guilty last June to felony charges that included wire fraud, mail fraud, bank fraud and money laundering.
Read FraudTalk's original post on this story here.