2nd Circ. Upholds Forex Ponzi Schemer's Sentence

Law360, New York (June 16, 2011, 3:33 PM EDT) -- The Second Circuit ruled Thursday that a sentence of 188 months in prison and $66 million restitution for convicted foreign currency exchange Ponzi schemer Michael Richard MacCaull was reasonable.

In March 2010, U.S. District Judge Dora L. Irizarry sentenced MacCaull, 39, in New York federal court after he pled guilty to defrauding investors along with Bradley David Eisner.

The Second Circuit on Thursday rejected MacCaull's assertion that Judge Irizarry improperly sentenced him without finding that his criminal activity was within the scope of the conspiracy in...
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