Post by Logan on Jun 16, 2016 5:59:51 GMT -6
O.C. Ponzi schemer sentenced to 10 years for bilking hundred of investors
One of the executives who led a massive Orange County Ponzi scheme has been sentenced to 10 years in federal prison and ordered to pay nearly $40 million in restitution to more than 700 investors.
The sentencing of Joseph Lampariello, finalized this week, is one of the last steps in a long-running investor fraud case brought against the Tustin investment firm Medical Capital Holdings and its executives.
In 2009, the Securities and Exchange Commission charged the company, along with Lampariello and another executive, with misappropriating hundreds of millions of dollars, paying themselves huge fees and covering their tracks by paying old investors with cash from new investors – the definition of a Ponzi scheme.
Former Medical Capital Chief Executive Sidney Field reached a settlement with the SEC earlier this year and agreed to pay $2.8 million. He was not charged criminally and will not serve prison time.
Read more: www.latimes.com/business/la-fi-oc-ponzi-scheme-20160615-snap-story.html
One of the executives who led a massive Orange County Ponzi scheme has been sentenced to 10 years in federal prison and ordered to pay nearly $40 million in restitution to more than 700 investors.
The sentencing of Joseph Lampariello, finalized this week, is one of the last steps in a long-running investor fraud case brought against the Tustin investment firm Medical Capital Holdings and its executives.
In 2009, the Securities and Exchange Commission charged the company, along with Lampariello and another executive, with misappropriating hundreds of millions of dollars, paying themselves huge fees and covering their tracks by paying old investors with cash from new investors – the definition of a Ponzi scheme.
Former Medical Capital Chief Executive Sidney Field reached a settlement with the SEC earlier this year and agreed to pay $2.8 million. He was not charged criminally and will not serve prison time.
Read more: www.latimes.com/business/la-fi-oc-ponzi-scheme-20160615-snap-story.html