Florida Resident Sentenced for Purported $10 Million Ponzi Scheme
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 alleged activities.
Last year, Rakotonanahary pleaded to wire fraud in connection with his alleged investment scheme that promised a return of 6 to 10 percent-"per week."
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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