Ex-Con Cops To Ponzi Scheme Targeting Fellow Inmates

Law360, New York (April 26, 2011, 6:28 PM EDT) -- Alleged Ponzi schemer Perry Jay Griggs pled guilty in Hawaii on Monday to charges that he and his wife bilked his fellow prisoners and their families out of $2 million by convincing them to invest through their company, Aloha Trading Co. Inc.

Griggs admitted to counts of wire and mail fraud and agreed to disgorge $1.9 million in ill-gotten gains, according to a federal court order accepting his guilty plea. Scheduled to be sentenced July 18, Griggs faces up to 20 years in prison and a...
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