- Associated Press - Friday, June 5, 2015

TRENTON, N.J. (AP) - A Monmouth County man who ran a $20 million Ponzi scheme has been sentenced to prison.

A judge sentenced Louis Spina to 79 months Friday. The 58-year-old Colts Neck resident also must forfeit more than $800,000 and pay back more than $12 million to investors.

The U.S. attorney’s office says Spina raised $20 million from 42 investors between 2010 and 2013 and promised monthly returns of nine to 14 percent.

Spina allegedly invested about half the money and lost it. The rest was used to pay some investors and for his personal expenses.

Last year Spina admitted robbing a bank in Coral Gables, Florida while out on bail in the New Jersey case. He was sentenced to 41 months and will serve the sentence consecutive to the New Jersey sentence.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide