Ponzi Schemer Must Pay $18M, Serve 20 Years

Law360, New York (December 6, 2011, 10:24 PM EST) -- A Florida federal judge on Tuesday sentenced an ex-convict to 20 years in prison for his role in a four-year Ponzi scheme through which he defrauded more than 100 Florida retirees and teachers out of $22 million using fake equity funds.

James Davis Risher, 63, who pled guilty Aug. 30 to mail fraud, money laundering and engaging in an illegal monetary transaction, was also ordered to pay $17.8 million in restitution by U.S. District Judge Steven D. Merryday.

Thomas H. Ostrander, an attorney for Risher, said...
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