Victims Decry $38M Fraud As Fund Manager Gets 14.5 Years

Law360, Boston (March 21, 2019, 7:07 PM EDT) -- A Boston-based fund manager who pled guilty to a scheme the government says cost investors $38 million was sentenced to about 14 years in prison Thursday as his victims wept and vented their anger during an emotional hearing in federal court.

Raymond Montoya, 71, admitted he stole millions from friends and family and used the money to buy expensive cars and fund a lavish lifestyle. Many of his victims spoke before he was sentenced by Senior U.S. District Judge George A. O’Toole. One by one, the people who invested with Montoya talked about how the crime hurt their lives, in multiple...

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