John S. Morgan, of Sarasota, was recently sentenced to ten years in prison
for his involvement in a
Ponzi scheme that he allegedly ran with his wife through their Morgan European Holdings
company. His wife, Marian Morgan, was convicted in September this year
and will face sentencing on December 20th. An additional promoter in the case was also sentenced with Morgan and
will serve four years.
The couple allegedly ran a Ponzi scheme in which investors were promised very
high returns over 90 days. They dealt in prime bank instrument trading programs, but
officials say that these bank deals were entirely fictitious. The Morgans
are accused of using investors' money to pay off prior investors in
a classic Ponzi-style scam.
The Morgans allegedly took in $28 million with the scam from 87 investors.
Of the money that was not being paid out as returns to investors, the
Morgans are said to have spent several million buying and renovating bay-front
properties and purchasing other luxury items, such as a Maserati and a
securities fraud lawyers with Meyer Wilson represent victims of Ponzi schemes nationwide in
stockbroker mediation, arbitration, and litigation.