Ex-WexTrust Exec Gets 13 Years For $255M Ponzi Role

Law360, New York (April 11, 2011, 7:38 PM EDT) -- A New York federal judge on Monday sentenced WexTrust Capital LLC co-founder Steven Byers to more than 13 years for crimes associated with running a $255 million Ponzi scheme, ordering the former executive to start serving the term immediately.

Judge Denny Chin imposed the sentence in the U.S. District Court for the Southern District of New York following a hearing during which investors who lost hundreds of thousands of dollars in the scheme pressed the court for a harsh penalty.

“This is not the case where...
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