Ex-Real Estate Co. Exec Gets 5 Years For $40M Ponzi Scheme

Law360, Chicago (July 31, 2012, 10:53 PM EDT) -- An Illinois federal judge on Tuesday sentenced a former executive and minority owner of real estate development firm Sunrise Equities Inc. to five years in prison for his admitted role in a Ponzi scheme prosecutors say raised $40 million from more than 300 investors.

Calling the scheme "a serious crime with real victims," U.S. District Judge Matthew Kennelly accepted the plea agreement Amjed Mahmood, 49, inked with the government in March 2011 and applied the 60-month prison term — the maximum for the one count of...
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