We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Fund Manager Cops To $80M Ponzi Scheme

Law360 (June 5, 2009, 12:00 AM EDT) -- An investment fund manager pled guilty Friday to three fraud counts and a money laundering charge in relation to a long-running Ponzi scheme that took in around $80 million from investors.

Joseph S. Forte pled guilty in the U.S. District Court for the Eastern District of Pennsylvania to mail fraud, wire fraud, bank fraud and money laundering in connection with the scheme and faces a maximum sentence of 80 years in prison and a $1.75 million fine.

Forte set up a partnership called Joseph Forte LP...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.