Ex-Money Manager Gets 20 Years For Ponzi Scheme

Law360, New York (June 17, 2011, 3:26 PM EDT) -- Former money manager Philip Barry was sentenced in New York federal court Friday to 20 years in prison and ordered to pay $24.2 million in restitution for running a Ponzi scheme that swindled more than 800 investors over 30 years, prosecutors said.

Barry, 53, had asked U.S. District Judge Raymond J. Dearie for leniency, saying in a May sentencing memorandum that he was not motivated by greed but rather by his delusional belief that he could make his promises to investors come true.

A jury convicted...
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