Florida Man Sentenced in Eight Million Dollar Ponzi Scheme
Florida man sentenced in $8 million Ponzi scheme case from which investors may recover $3 million
A Florida man was recently sentenced in federal court in Alexandria, Virginia for his part in a multi-million dollar Ponzi scheme that affected hundreds of investors. Stanley Shew-A-Tjon received eight years in prison on Friday, May 25th from Judge James Cacheris.
The sentence for the 62-year-old man represents about half of the prison time sought by the prosecutors in this case, and it more closely matched the seven-year sentence requested by Shew-A-Tjon’s defense. This is in contrast to the 12-year sentence ordered for Alan James Watson, another alleged Ponzi schemer, in the same court just days before. Mr. Shew-A-Tjon has reportedly apologized for the damage done by the alleged Ponzi scheme.
According to court documents, Shew-A-Tjon allegedly brought investors into the Ponzi scheme with promises of high monthly returns between 5% and 18%. It is estimated that somewhere between 600 and 800 investors lost about $8 million total in the alleged investment scam. However, a lawyer for Shew-A-Tjon has stated that investors could see $3 million of that amount returned.
If you have been the victim of a Ponzi scheme, pyramid scam, or stockbroker misconduct, speak with an experienced securities fraud attorney today about your options for recovering your investment losses. Just give us a call or fill out our confidential online contact form for more information.
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