La. Ponzi Schemer Gets 30 Years For $20M Fraud

Law360, New York (July 23, 2010, 4:08 PM EDT) -- Matthew Pizzolato, who pled guilty to robbing elderly investors of $20 million in a Ponzi scheme, has been sentenced to 30 years in prison for the fraud.

Judge Lance Africk of the U.S. District Court for the Eastern District of Louisiana on Thursday handed down the punishment, which far exceeded the range the government had stipulated was appropriate in a plea deal.

Pizzolato, 26, was hit with a 64-count indictment in November. In April prosecutors agreed to drop some of the fraud counts in exchange for...
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