Convicted Ponzi Schemer Appeals 23-Year Sentence

Law360, New York (September 24, 2010, 12:47 PM EDT) -- Frank Castaldi, convicted of perpetrating a $77 million Ponzi scheme, has appealed his 23-year prison sentence — the maximum sentence available and a term nearly double the length sought by prosecutors.

Castaldi asked the U.S. Court of Appeals for the Seventh Circuit on Wednesday to overturn the sentence he received Sept. 15 in the U.S. District Court for the District of Northern Illinois.

Castaldi alerted authorities in 2008 that he had been operating the scam for more than two decades, bilking hundreds of investors of their...
To view the full article, register now.