NJ Man Gets 30 Years In Madoff-Like Ponzi Case


A New Jersey con man compared by his victims to Wall Street swindler Bernard Madoff expressed remorse yesterday to a skeptical federal judge, who responded by sentencing him to 30 years in prison, reports the Philadelphia Inquirer. Glyn Richards, 45, masterminded a Ponzi scheme that cost investors nearly $6 million. Several of his victims, some tearful, told heartbreaking stories of lives turned into chaos after they were swindled by Richards, who pleaded guilty to charges of mail fraud and money laundering.

Federal prosecutor Diana Carrig estimated that Richards had scammed $5.8 million from at least 62 victims, including members of his own family. Some lost their homes, she said. Judge Renee Bumb exceeded the sentence prosecutors had requested, noting that Richards had violated several terms of release while free on $350,000 bond, including setting off a nationwide manhunt when he fled to Tampa in February.

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