NY Man Faces 20 Years In Prison After Ponzi Plea

Law360, New York (February 23, 2011, 1:07 PM EST) -- A Troy, N.Y., man is facing a potential 20-year prison sentence after pleading guilty Tuesday to one count of securities fraud for running a nearly eight-year Ponzi scheme that cost investors more than $2.5 million.

Matthew John Ryan, the founder and sole employee of Prime Rate and Return LLC and American Integrity Financial Co., entered his guilty plea in the U.S. District Court for the Northern District of New York. He originally pled not guilty when slapped with a 10-count indictment in June.

According to the...
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