11th Circ. Affirms 20-Year Sentence Over $30M Ponzi Scheme

Law360, New York (September 9, 2013, 5:30 PM EDT) -- The Eleventh Circuit on Monday affirmed a 20-year prison sentence against the founder of foreign currency trading company Botfly LLC for a $30 million Ponzi scheme, finding that the lower court was justified in upping prison time beyond a plea agreement's recommendation.

Convicted Ponzi schemer David Lewalski's sentence and appeal involved a letter he wrote to his girlfriend, in which he “bragged about snookering the prosecutor and probation officer in order to receive a lighter sentence,” according to court documents. On appeal, Lewalski argued that the...
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