A 34-year-old man from Florida was sentenced to seven and a half years
in federal prison for allegedly operating a
Ponzi scheme that collected more than $10 million.
The man, Patrick Rakotonanahary, also was ordered by Michael Seabright,
U.S. District Judge, to pay victims $3.4 million in restitution for his
Last year, Rakotonanahary pleaded to wire fraud in connection with his
alleged investment scheme that promised a return of 6 to 10 percent-"per
Attorney Larry Tong said that Rakotonanahary collected money from more
than 100 people. Prosecutors state that victims lost life savings, retirement
funds, and money for college. Sadly, there is no strong indication that
these funds will be recovered.
Rakotonanahary was ordered to surrender at the U.S. Marshals Office on
January 24, 2011 to start serving his prison term.
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