HuffPo reports that with dozens of his victims watching, an investment manager once dubbed by the media as "Brooklyn's Bernie Madoff," was sentenced on Friday to 20 years in prison for operating a decades-long Ponzi scheme that bilked hundreds of investors out of more than $24 million.
Philip Barry, 53, was convicted last November by a federal jury in Brooklyn on one count of securities fraud and 33 counts of mail fraud for the three-decade crime, which prosecutors described as a classic Ponzi scheme.
Barry, a resident of Brooklyn's Bay Ridge neighborhood, has also been ordered to repay $24 million to his victims, although prosecutors cast doubt on whether the restitution will ever happen. Barry declared bankruptcy in 2008.
In a hearing before U.S. District Judge Raymond Dearie, seven of Barry's 800 victims came forward to share tales of how Barry pledged to invest their hard-earned savings in safe options. Instead, he began ducking calls and promising a check was in the mail when, in fact, there was no check, they testified….
Read more at:
http://www.huffingtonpost.com/2011/06/17/brooklyns-bernie-madoff-gets-20-years_n_879331.html
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