Readers who were curious about how long convicted Ponzi schemer, George Elia*, would receive in his case now have an answer: twelve years in Federal Prison for the $10m fraud. Elia, who made a brief apology at sentencing, failed to invest his clients' money, as promised, and fled to Cyprus when his investors filed a civil suit against him. When he returned to the US, a year later, he was arrested.
The US Attorney requested a 25-year sentence; Elia's attorney asked for less than five years.
*Ponzi Schemer, who targeted Gay Investors, fled to Cyprus