Real Estate Mogul Gets 12 Years For $76M Ponzi Scheme

Law360, New York (September 5, 2012, 10:23 PM EDT) -- A federal judge on Wednesday handed down a 12-year prison sentence to a former New Mexico real estate magnate who had pled guilty to bilking 600 investors out of more than $76 million in a Ponzi scheme.

U.S. District Judge Bruce D. Black sentenced Douglas F. Vaughan, 64, of Albuquerque, to 12 years after he pled guilty to two counts of wire fraud and mail fraud in December. The judge also imposed a $74.7 million judgment against Vaughan, who has already agreed to forfeit $38,298 in...
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