October 15, 2008
- Coos Bay / North Bend, Oregon
Ore. swindler nets 20-year sentence
By Associated Press
EUGENE, Ore. (AP) - Michael Marks Rich has been sentenced to 20 years in prison for conning more than 300 investors, many elderly.
The 71-year-old Bend man was convicted in December of running a Ponzi scheme that raised $18 million. He promised returns of 10 percent from real estate, but he paid off investors mainly by raising cash from more investors. In the end, prosecutors say, even his 94-year-old mother was ready to testify against him, saying he took $200,000 from her. His wife, Phyllis, is serving a 51-month sentence. A receiver for their company, Pac Equities, says investors have gotten back about a third of their money, and may get half. Judge Michael Hogan handed down the sentence Tuesday. (Copyright 2008 by The Associated Press. All Rights Reserved.) |
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