23-Year Sentence Too Harsh, Ponzi Schemer Tells 7th Circ.

Law360, Chicago (May 23, 2012, 8:55 PM EDT) -- An attorney for confessed Chicago Ponzi schemer Frank Castaldi asked the Seventh Circuit on Wednesday to vacate his client's 23-year sentence, arguing the punishment is unreasonable and that the lower court failed to consider properly Castaldi's cooperation with the government.

Adam Stevenson, a clinical assistant professor with the University of Wisconsin Law School, said at oral arguments that the sentence should be axed as "procedurally erroneous and substantively unsound."

A prosecutor argued, however, that the lower court had referenced and considered all the defendant's arguments at...
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