Florida Man Sentenced to 8 Years in Virginia for $8M Ponzi Scheme
U.S. District Judge James C. Cacheris sentenced Ponzi schemer Stanley J. Shew-A-Tjon, of Davie, Florida, to eight years in prison last week for defrauding more than 900 investors out of approximately $8 million.
According to court records, Shew-A-Tjon solicited investments in a variety of purported gold, foreign currency exchange, and private placement opportunities from victims throughout the U.S. and abroad over the course of two-and-a-half years.
As part of his sales pitch, Shew-A-Tjon promised investors exceptionally high rates of return, which ranged from 5 to 18 percent per month. He failed to mention, however, that a significant portion of these so-called “returns” would be paid from funds brought in by new investors.
From July 2005 to January 2008, Shew-A-Tjon raised approximately $16 million through his investment scheme. Unfortunately, due to Shew-A-Tjon’s propensity to make Ponzi payments to older investors and to falsify investor account statements, the scheme wasn’t uncovered until many of the victims lost their entire investments.
Total investor losses came to approximately $8 million.
Shew-A-Tjon pled guilty to securities fraud on February 17, 2012. He will serve three years of supervised release after the completion of his prison term. For more information, click here.
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