$40M Ponzi Schemer Asks For Light Sentence

Law360, New York (May 25, 2011, 7:57 PM EDT) -- Convicted Ponzi schemer Philip Barry asked a New York federal judge for leniency Monday, saying his crime was motivated not by any intention to get rich but by his delusional belief that he could make his promises to investors come true.

The money manager is facing up to 20 years for each of the 33 counts of mail fraud and one count of securities fraud on which he was convicted in November, but he said in his sentencing memorandum that he should get "significantly" less time...
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