Fraudster Gets 40 Years For $20M Advance-Fee Fraud

Law360, New York (February 17, 2011, 6:29 PM EST) -- A federal judge has sentenced Florida businessman Emil Scheringer to 40 years in prison for allegedly masterminding a fraudulent advance-fee scheme that bilked investors of more than $20 million.

Judge George B. Daniels of the U.S. District Court for the Southern District of New York imposed the sentence on Scheringer, 59, on Thursday, describing him as the "ultimate con man."

In addition to the 40-year prison term, Judge Daniels ordered Scheringer to pay restitution and ordered forfeiture in the amount of $23.9 million. The sentence also...
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