Ex-WexTrust Exec Gets 22 Years For $9.2M Ponzi Scheme

Law360, New York (July 18, 2011, 6:06 PM EDT) -- A New York federal judge on Monday sentenced a former WexTrust Capital LLC executive to nearly 22 years in prison for his role in a Ponzi scheme that cost investors, mostly Orthodox Jews from his own religious community, at least $9.2 million.

The 262 month sentence — more than 10 years longer than what the defense sought — means the ailing defendant Joseph Shereshevsky will “almost certainly” die in prison, according to his lawyer, Proskauer Rose LLP's Mark Harris.

U.S. District Judge Denny Chin, though, granted...
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