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.
The respected investment fraud lawyers with Meyer Wilson represent investors who have lost money due to securities fraud, stock scams, Ponzi schemes, and investment fraud.