Fund Manager Gets 10 Years For $145M Ponzi Scheme

Law360, New York (January 9, 2012, 2:53 PM EST) -- A Utah federal judge on Friday handed a 10-year prison sentence to a former manager of a real estate loan fund who was accused of fraudulently raising nearly $145 million from about 175 investors.

Prosecutors have claimed Travis L. Wright, who controlled Waterford Funding LLC and related entities, ran a Ponzi scheme and used more than $15 million in investor money to fund his lavish lifestyle. U.S. District Judge Clark Waddoups on Friday also sentenced Wright to three years of supervised release and ordered him to...
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