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USA v. SHAPIRO
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December 03, 2012
3rd Circ. Backs Fraudster's 20-Year Sentence For $930M Scam
The Third Circuit on Friday upheld a lower court's decision to vary upward from federal sentencing guidelines in giving a 20-year prison sentence to a man who masterminded a $930 million Ponzi scheme using a fake grocery wholesale distributing business.
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June 07, 2011
Man Gets 20 Years For $930M Ponzi Grocery Scheme
A man who used a fake grocery wholesale distributing business to defraud investors of $930 million was sentenced Tuesday in New Jersey federal court to 20 years in prison and ordered to pay $82.6 million in restitution to his victims.