7th Circ. Affirms Chicago Ponzi Schemer's 23-Year Sentence

Law360, Los Angeles (February 24, 2014, 8:15 PM EST) -- A divided Seventh Circuit on Monday upheld confessed Chicago Ponzi schemer Frank Castaldi's 23-year sentence, holding that the punishment was reasonable and that a lower court had properly considered Castaldi's cooperation with the government.

In a 2-1 ruling, the Seventh Circuit panel said U.S. District Judge John W. Darrah had not erred in imposing the lengthy sentence, which was nearly double the term requested by federal prosecutors. The majority ruled that Judge Darrah had properly considered all of Castaldi's arguments, including his disclosure of the Ponzi...
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