Saturday, February 20, 2010

Former Maryland Attorney Sentenced To 99 Years For Defrauding Investors Out Of $10 Million In Ponzi Scheme

Edward Simms Digges Jr., 63, formerly of La Plata, Maryland, was sentenced to 99 years in prison for defrauding approximately 278 investors out of at least $10 million. Digges scheme involved the fraudulent sale and leaseback of point-of-sale terminals for credit and debit cards. Instead, prosecutors alleged that Digges spent investment funds on personal items, including a boat, a jaguar vehicle and a vacation home. His scheme, which operated during 2003, reportedly targeted seniors. Digges pleaded guilty to mail fraud for overbilling a client in 1990 and received a 30-month sentence and $1 million fine. He was also disbarred from practicing law in Maryland.

Read the story here and here.

Read the SEC's original announcement here.

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