Texas Ponzi Schemer Who Preyed On Elderly Gets 15 Years

Law360, New York (September 13, 2011, 6:07 PM EDT) -- A Texas state judge on Monday sentenced a businessman to 15 years in prison for running a Ponzi scheme that scammed investors — mostly senior citizens — out of millions of dollars.

John Langford, 77, had pled guilty on July 26 to selling more than $5 million of unregistered securities to new investors and using the proceeds to pay prior investors. Langford pled guilty to seven felony charges of fraudulent sale of securities over $100,000, four felony charges of selling unregistered securities, and four felony charges...
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