Ponzi Schemer Gets Prison Time

Law360, New York (July 16, 2007, 12:00 AM EDT) -- A former UBS Financial Services investment adviser was sentenced to 10 years in federal prison on Friday for a Ponzi scheme that defrauded clients of as much as $6.8 million.

Patrick Davison, 50, pleaded guilty to two counts of securities fraud in November. U.S. District Judge Richarad Cebull on Friday also ordered Davison to pay nearly $5.6 million dollars in restitution. The sentence the judge imposed was the statutory maximum.

“I can't run from what I did. I can't run from the people I hurt. I...
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