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Ex-Trader Gets More Than Five Years in $20 Million Ponzi Scheme
A former Wall Street trader was ordered to spend more than five years behind bars for raising about $20 million from investors and spending the money mostly on himself.
Paul A. Rinfret, 71, was sentenced Tuesday to 63 months in prison. He pleaded guilty in October to securities and wire fraud for scheming to defraud investors in an entity named Plandome Partners LP from 2016 to 2019.
“Mr. Rinfret’s crimes were reprehensible,” U.S. District Judge Gregory Woods said in Manhattan federal court. “They were properly described as brazen.”
Rinfret, of Manhasset, New York, sold investors limited partnership interests in Plandome and promised he would use the money to trade futures contracts tied to the S&P 500 Index using a proprietary algorithm, the U.S. said.
https://www.bnnbloomberg.ca/ex-trader-gets-more-than-five-years-in-20-million-ponzi-scheme-1.1501090
that gets better and better each time!
berry mad nao