Kenneth Rijock

Kenneth Rijock

Monday, January 7, 2013

PRISON OR RESTITUTION FOR PONZI SCHEMERS ?

Where's all his offshore money ?
This week's news, regarding a 131-month sentence meted out to a Cincinnati Ponzio schemer, who defrauded his investors out of $8.9m, raises the question: How does all that jail time help the victims; Are they not the first priority ?

Those of use who saw the 50- and 150-sentences pronounced in Federal Court upon the biggest of the Ponzi schemers, know that there represent virtual life sentences, and they are well deserved, in my humble opinion, but what about the small fry ? Should we not require them to actually make Restitution to their victims, many of whom are ruined financially. They cannot repay their victims from prison, and they generally are released after a long prison stretch, to never repay a penny to anyone.

I submit we place them on endless probation, which will not terminate until, and unless, all their victims are paid back, no mater how many decades it takes. The Court will therefore continue to retain jurisdiction indefinitely. The must work at gainful employment, much of which is garnished for the victims.

Where's his Caribbean tax haven money ?
I also submit that all of their ill-gotten gains be recovered, wherever they have secreted it, including in the tax havens, by individuals working solely on contingency fee agreements, which will stimulate and encourage success.

Let's not lock up the Ponzi schemer; make them work off their debt, and find all their missing money for the victims.


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