Courts & Crime

July 1, 2011 8:05 AM

Elderly man sentenced for $18.5 million Ponzi scheme

A 73-year-old North Carolina man who promised his mostly elderly investors exorbitant returns on their investments pleaded guilty Thursday to 19 counts of securities fraud and was sentenced to at least nine years and eight months in prison. Martin ran a Ponzi scheme that took in $18.5 million from at least 100 investors from 2004 through 2008.

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