$20M Securities Scam Results In 18-Year Jail Term

Law360, New York (February 27, 2008, 12:00 AM EST) -- A Massachusetts man who defrauded 250 investors of more than $20 million was sentenced Monday to 18 years in prison by a federal judge in Boston.

Frank J. Russo pleaded guilty to one count of willful violation of the Investment Advisory Act and 19 counts of mail fraud in connection with a Ponzi scheme he ran for more than two decades. Most of his victims were family members, neighbors, friends and community groups in northeastern Massachusetts.

Now that the criminal case is over, Russo and four...
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