LexisNexis® Legal Newsroom
Petters Wants 50-Year Sentence Overturned

The man responsible for the third-largest Ponzi scheme in history has filed papers seeking to have his fifty-year sentence overturned, claiming that his former attorney failed to disclose that prosecutors had previously offered a 30-year sentence in plea negotiations. Thomas Petters, 56, chose to...

Death Sentence for Chinese Woman Convicted of $70 Million Ponzi Scheme

A Chinese woman who masterminded a $70 million Ponzi scheme has been sentenced to death by a Chinese court - possibly by firing squad. Haiyan Lin, 39, from the Wenzhou province, received the sentence as part of a broader push by Chinese authorities to crack down on the underground lending industry...

In Last-Ditch Effort, Petters Seeks Sentence Reduction for $3.65 Billion Ponzi Scheme

"Your honor, I was scared, scared to death. It's not a great excuse. But I kept thinking about my kids and being gone from them for life. I'm sorry I lied in the courtroom, on the stand. I didn't want to go to trial. It's a horrible excuse. But I lied. I'm begging for your forgiveness...

Convicted $110 Million Ponzi Schemer Seeks Reduction In "Crushing" Sentence

A New Zealand man who holds the distinction of having perpetrated the country's largest financial fraud in history is back in court to argue that his 65-month "minimum non-parole period" - or time that he must serve before he is eligible for parole - was "crushing" and warranted...

Convicted Ponzi Schemer Threatens to "Fry This Court" After Receiving 20-Year Sentence

Shortly after learning of his twenty-year prison sentence for operating a Ponzi scheme that duped more than 140 investors out of over $4.3 million, a Montana man stated that he "will fry this court" and threatened that the prosecuting county attorney "will pay." Richard Reynolds received...

California Man Fires Lawyer; Claims He Was Forced to Plead Guilty to $125 Million Latex Glove Ponzi Scheme

Due to be sentenced for masterminding a $125 million Ponzi scheme, a California man instead told a federal judge that he wanted to fire his lawyer, claiming he had been "intimidating" him and had coerced his guilty plea. Deepal Wannakuwatte, 63, had previously pleaded guilty to a single count...

Convicted $200 Million Ponzi Schemer Wins Resentencing After Appeals Court Tosses Two Convictions

An Indianapolis man currently serving a 50-year prison sentence for masterminding a massive Ponzi scheme that caused more than $200 million in losses will be resentenced after a federal appeals court reversed two of his wire fraud convictions based on prosecutor "oversight." Timothy Durham...

Appellate Court: Ponzi Schemer's Loss Calculation Must Account For Payments to Victims

In a decision that could have far-reaching implications, a federal appeals court has vacated a convicted Ponzi schemer's 11-year prison sentence after finding that the loss amount used in calculating the relevant sentencing guidelines improperly failed to account for money returned to victims in...

Pastor Gets 10-Year Sentence For $7 Million Ponzi Scheme

A California pastor was sentenced to serve more than ten years in prison for duping more than 80 victims - many of them low-income families - in a $7 million Ponzi scheme. Luis Serna, 62, was sentenced to 121 months in federal prison by U.S. District Judge Beverly Reid O'Connell, who also ordered...