NextStep Founder Gets 16 Years For $6M Ponzi Scheme

Law360, New York (January 18, 2011, 6:32 PM EST) -- A federal judge has slapped the founder of NextStep Financial Services Inc. with more than 16 years in prison for running a Ponzi scheme that cost more than 250 victims around $6.4 million in losses.

Judge Robert Gettleman of the U.S. District Court for the Northern District of Illinois on Friday sentenced David J. Hernandez to 200 months behind bars and ordered him to cough up $6.4 million in restitution, the U.S. Attorney's Office said.

In total, Hernandez's scheme brought in roughly $13 million from more than...
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