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Old 11-17-2014, 9:25pm   #1
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Default 14 years in Federal prison
Sacramento man draws 14-year prison sentence for $2.7 million Ponzi scheme | The Sacramento Bee

He's my cousin. And an idiot.
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Old 11-17-2014, 9:36pm   #2
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His mistake was stealing mere millions instead of billions. If he had done that, the worst that would have happened to him would be to testify at a congressional hearing.
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Old 11-17-2014, 9:42pm   #3
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So I guess he really wasn't smarter than the law or the investors
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Old 11-17-2014, 9:43pm   #4
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Unhappy
No arguement here. That's horrible.

Hopefully you (and not too many family members) did not lose any/a lot of money.
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Old 11-17-2014, 9:51pm   #5
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No arguement here. That's horrible.

Hopefully you (and not too many family members) did not lose any/a lot of money.
Not a dime here.
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Old 11-17-2014, 10:07pm   #6
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MY BIL is doing 7 years in NH for lying in court He was a police officer
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Old 11-17-2014, 10:19pm   #7
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I feel sorry for the friends and family
Good behavior and he will be out in 5
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Old 11-17-2014, 10:20pm   #8
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I feel sorry for the friends and family
Good behavior and he will be out in 5
Late 40s, felon, with few marketable skills.

Idiot.
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Old 11-17-2014, 10:30pm   #9
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I feel sorry for the friends and family
Good behavior and he will be out in 5
He will serve a lot more time than that on a 14 year sentence.
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Old 11-17-2014, 10:32pm   #10
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He will serve a lot more time than that on a 14 year sentence.
He's been in prison for the last 13 months or so, since he was found guilty. So that go toward time served.
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Old 11-17-2014, 11:40pm   #11
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Is the three strike rule still in effect in Cali?
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Old 11-17-2014, 11:47pm   #12
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I feel sorry for the friends and family
Good behavior and he will be out in 5
Convicted in Federal Court.
I could be wrong, but I think that means he'll serve most if not all of the 14 years.
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Old 11-18-2014, 12:34am   #13
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With 14 years he wont be going to any minimum security camps for awhile.

Hopefully he still has some money stashed so he can pay rent to the AB when he makes it up to gladiator school.

With good time/work time... if he keeps out of trouble he can be out in about half.
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Old 11-18-2014, 12:47am   #14
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Convicted in Federal Court.
I could be wrong, but I think that means he'll serve most if not all of the 14 years.
Good point! and even the thread title says Federal.. I based my guesstimate on Cali State time..

I don't know how the Feds do it..
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Old 11-18-2014, 12:52am   #15
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A 42-year-old Sacramento man has been sentenced to 14 years in prison for orchestrating a Ponzi scheme that defrauded family members, friends and other acquaintances of more than $2.7 million.
Doug, I'm guessing you know some of the people he stole from personally..

Article even mentions some lost their homes over this.

It's bad enough to lose everything, but losing to a family member that you had known for life and trust has to make it even harder..
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Old 11-18-2014, 12:57am   #16
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Former coworker called me up one night, told me his uncle had this amazing business opportunity...I was immediately skeptical.

He tells me, he is already hired and is a regional manager, and he needs sub managers and he wants me to be one, all I have to do is put in 1000 bucks, and when I get an under manager, they pay 500 bucks, and I get a portion of that, and on down the line, they get more people, and we all make money off the buy in and profit...which was selling health fruit drinks...

Im like bro..thats like, the text book definition of a pyramid scheme.

He said..uhh, no, its fully legit....

He made alot of money over the following months, bought a new truck, got a nice house and mortgage...moved out, got engaged....life was good.

Then his uncle decided to retire to mexico, and left him the business...then the police got em. LAst I heard, 4-5 years ago...they were still looking for the uncle, but that my former co-worker lost everything, and was buried in debt...

People will not listen to good reason..
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Old 11-18-2014, 4:15am   #17
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Im like bro..thats like, the text book definition of a pyramid scheme.

He said..uhh, no, its fully legit....

pyramid scheme and pyramid marketing are not always the same..

One is legal, think Mary K Cosmetics, or Amway as examples
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Old 11-18-2014, 4:40am   #18
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Convicted in Federal Court.
I could be wrong, but I think that means he'll serve most if not all of the 14 years.
Had a friend convicted in federal court for white collar crime. He served his complete sentence.
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Old 11-18-2014, 5:58am   #19
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Had a friend convicted in federal court for white collar crime. He served his complete sentence.
Fed time, you pretty much do the whole thing. You are right!
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Old 11-18-2014, 7:26am   #20
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Don't know the details of who lost $$$. Just know it didn't include me or my immediate family.
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