NY Broker Gets 10 Years For $5.8M Ponzi Scheme

Law360, New York (October 13, 2011, 12:24 PM EDT) -- The founder of Prime Rate and Return LLC and American Integrity Financial Co. was sentenced to 10 years in prison Wednesday in New York for running a Ponzi scheme for nearly eight years and bilking investors out of $5.8 million.

Matthew John Ryan pled guilty in February 2010 to the scheme, in which he convinced more than 60 investors to pump money into securities by promising guaranteed fixed rates of return. The rates ranged from 3.85 percent to 9.35 percent, depending on the investor.

Prosecutors sought...
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