James Risher, formerly of Sanibel Island, was recently sentenced to 20
years in prison for his role in an alleged Florida
Ponzi scheme. He pleaded guilty earlier this year to engaging in an illegal monetary
transaction, money laundering, and mail fraud.
The alleged investment fraud is said to have affected hundreds of Florida
investors since it began in 2007. Losses were calculated to be over $17
million. Many of the investors affected were public school teachers, law
enforcement officers, small business owners, and retirees. Most of the
victims of the alleged scam said that the investment looked good at first,
and they received
account statements that seemed to show growth. Risher is said to have forged close professional
relationships with the investors and stayed in close contact.
Unfortunately, Risher is accused of using the bulk of investors' cash
on himself, purchasing several luxury cars and diamond jewelry, among
other luxury items. Additionally, officials say that Risher failed to
tell his investors that he had a previous history of legal action for
securities fraud in both 1990 and 1997.
A judge in the case described Risher as "a man who would rather steal
something from you than have you give it to him." Risher's sentence
includes supervised probation after release, and he will have to pay restitution
of more than $17 million.
investment fraud lawyers with Meyer Wilson represent investors who have lost money due to securities
fraud, stock scams, Ponzi schemes, and investment fraud.