Ponzi Schemer Seeks to Reduce 50-Year Sentence to 12 Years
A man who is currently imprisoned for orchestrating a $1.4 billion dollar Ponzi scheme is seeking to reduce his 50-year sentence to only 12 years. Having served five years of his current sentence, he believes his work in helping the FBI arrest about 30 of his accomplices who aided him.
Can his sentence be reduced?
The man was accused and later imprisoned for coordinating Ponzi schemes to filter money from those who have been awarded legal settlements in exchange for cash. Our Broward County criminal defense lawyer is advocating for the man, who is pushing for a 75% reduction in his sentence.
According to formulas laid out by federal law enforcement, eligibility for a 75% could reduce the man’s 50-year sentence to only serving 12 and a half years, with a projected release date of 2020. He also believes he has consistently shown good behavior, among many other merits while incarcerated. He had already filed for a sentence reduction two years prior.
Making the Argument for Reduction
This man’s case is only one example of the many types of cases involving white-collar crimes. Attorney Brett Schwartz believes that, while the man’s motions to reduce his sentence to 75% are possible, it may not be within his reach. Despite good prisoner behavior, his assistance to federal officials, and the fact that his cases never involved violence, the road ahead may still be difficult.
Attorney Schwartz provided the following comments: “In reducing a sentence, a judge also considers the public sentiment…he has ruined people’s lives and there would be an outcry if he’s hanging around Fort Lauderdale in five years. I’d be surprised if his sentence is reduced by more than 15 years.”
The judge’s final decision may depend greatly on the public’s opinion of the man. Because he has caused so much chaos and affected the lives of dozens of people, popular opinion may not wish to allow him to walk free. Only time will tell.
See how Hager & Schwartz, P.A. can help you if you were charged with a serious crime.