The price for being a Ponzi schemer: $12M and 20 years in prison

Sep 17, 2009 @ 1:00 pm

By Associated Press

A Northern California man was sentenced to nearly 20 years in prison for an investment scheme that federal prosecutors say financially devastated dozens of victims.

Stefan Wilson, 45, was ordered to serve 19 years and eight months Tuesday after pleading guilty earlier this year to wire fraud and tax evasion charges.

Federal prosecutors say Wilson bilked nearly 80 people out of millions of dollars by promising returns of 18 to 24 percent in an investment fund. Some of the victims say they lost their homes or were forced to come out of retirement.

Wilson was also ordered to pay more than $12 million in restitution

In sentencing the Folsom resident, prosecutors say the judge considered the scam's financial impact on its victims.

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