Man Sentenced To Two Years For Running A Ponzi Scheme
Today,
"Hopefully, today's sentencing will bring Simon's victims some peace of mind as they rebuild their lives and their finances," said
Simon offered his victims the opportunity to invest in his "special company" and promised a high rate of return. In true Ponzi scheme fashion, he used majority of his clients' money to pay back other victims while also using the money for his own personal gain instead of investing the money as promised. He solicited clients through his company
The investigation began when Simon went missing from the state in April of 2013. Investors started reporting to the Secretary of State's office they were no longer receiving interest payments on their investments. After Simon left the state, authorities traced his whereabouts to
Simon pled guilty to a Class C felony securities fraud charge, a Class C felony for the sale of unregistered securities and two Class B felonies for committing securities fraud to victims over the age of 60.
"I commend the coordination by Secret Service agent
For information on how to avoid becoming a victim of investment fraud visit www.in.gov/sos.
TNS 18EstebanLiz-141107-30FurigayJane-4927513 30FurigayJane
Copyright: | (c) 2014 Targeted News Service |
Source: | Targeted News Service |
Wordcount: | 431 |
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