US ATTORNEY SAYS PONZI SCHEMER SHOULD GET 50+ YEARS, NOTWITHSTANDING HIS DISABILITY

The US Attorney's Office in the Southern District of Florida, in responding to a request made by the attorney for Joel Steinger for home confinement, as a sentence for his guilty plea to running a $1.25bn Ponzi scheme at Mutual Benefits Corp., due to his chronic back problems, has cited extensive Federal case law that holds a criminal defendant who is disabled cannot use his disability to escape justice.

The reply goes on to assert that the 50+ year sentence, which reportedly was computed under the advisory Federal Sentencing Guidelines, should be imposed, lest Steinger, who has prior convictions and regulatory sanctions, be released to offend again. The harm that he inflicted upon his victims, many of whom lost their life savings, is also cited as grounds for a long sentence.

The defendant's sentencing is scheduled for this morning, and we will update our readers as soon as the
ruling is handed down.