A federal judge in Florida has sent an admitted hedge fund fraudster to 20 years in prison, according to finalternatives.
James Risher pleaded guilty to mail fraud, money laundering and illegal monetary transaction charges in September. Prosecutors say he stole more than $17 million from more than 20 people, many retired teachers and police officers from central Florida's Polk County, as part of a Ponzi scheme that began in 2007.
Risher, 61, "would rather steal something from you than have you give it to him," U.S. District Judge Steven Merryday said.
Several victims asked Merryday for a harsh sentence, noting that the Ponzi scheme is not Risher's first brush with the law. Indeed, in the 1990s he pleaded guilty, on two occasions, first to theft and then to fraud, serving three years in prison on the latter. Merryday also ordered Risher to pay $17.8 million in restitution.
Find out more at http://www.finalternatives.com/node/19004
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