A Hialeah jeweler accused in a multimillion dollar Ponzi scheme and bank fraud conspiracy faces a 10-year prison sentence for his crimes.
Luis Felipe Perez, 38, also known as ``Felipito'' must serve behind bars for 121 months and pay over $10 million in restitution, said U.S. District Judge Paul Huck at a hearing in federal court in Miami on Thursday.
``This was not one of those one time, off the cuff thefts,'' Huck said at the sentencing. ``It was done over many years.''
Earlier this year, Perez was accused in a $40 million Ponzi scheme and a $12 million bank fraud conspiracy. In September, he pleaded guilty in both cases.
According to authorities, the two schemes are intertwined, with some investors getting bank loans with fraudulent information and then investing the bank money with Perez.
Conspiracy to commit bank fraud carries a maximum penalty of 30 years; the charge of securities fraud has a maximum penalty of 20 years.
Read the complete story at miamiherald.com