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Man Who Stole Friends’ $7M In Ponzi Scheme Gets 5 Years

Law360 (August 10, 2018, 3:26 PM EDT) -- A Massachusetts federal judge sentenced an elderly Texas resident to five years behind bars and denied his bid for acquittal on Wednesday after a jury found him guilty of spending over a decade stealing millions of dollars from his friends and business associates who believed he would invest it for them.

John “Jack” William Cranney, 77, was sentenced to five years in prison, three years of supervised release and restitution of nearly $5.6 million after a jury convicted him of operating a Ponzi-style scheme to take...
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