Joel Steinger, the principal owner of Mutual Benefits Corp., was sentenced to twenty years in Federal Prison today; he had previously entered a plea of guilty to two felonies in a case that was filed back in 2008. Prosecutors had asked for a 50-year sentence, in light of the 30,000 victims of his classic Ponzi scheme. The Court indicated that his guilty plea, which saved the government the cost of a trial, and his physical disabilities, were factor in the sentence, though his primary role, as the mastermind of the billion dollar Ponzi scheme, was listed in detail, by the judge during the proceeding, according to witnesses.
A Forfeiture Judgment was also entered against him for fifteen million dollars. Under current regulations, he must serve a minimum of 85% of his sentence, more if he commits any violations of BOP rules. He will get credit for the two years he has been in a South Florida hospital; his bond was revoked after he committed health fraud crimes while out on release. That means he must now serve fifteen years for his decade of crime, which many of his victims probably believe is insufficient punishment.