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Another stiff sentence for a Ponzi schemer

By Douglas A. Berman

Perhaps this local sentencing story reflects the echo effect of Bernie Madoff getting maxed out at his federal sentencing: It may not be as wide-ranging as the theft orchestrated by Wall Street investor Bernard Madoff, but the $6 million stolen by Glyn Richards still destroyed dozens of lives.  So for his crimes, Richards will spend 30 years in federal prison. Richards, 45, pled guilty last year to setting up a fake freight company: All Freight Logistics, Inc. in Audubon, N.J. From that office, he ran a Ponzi scheme that bilked more than 100 investors out of $5.8 million. In exchange for a hefty buy in ? ranging from $25,000 to more than $100,000 ? prosecutors say Richards promised his investors quick and big returns.  He told them he was about to land a government defense contract...continue to full post

Full post as published by Sentencing Law and Policy on June 30, 2009 (boomark / email).