Wednesday, August 13, 2008
Colleyville man sentenced to 17 years for Ponzi scheme
Photo not provided by the DBJ
Gullible investors are often taken in by charming Fonzi schemes
COLLEYVILLE — According to this story in the Dallas Business Journal, it appears Colleyville resident James Ray Phipps has been sentenced to 17 years in prison for his role in a Ponzi scheme.
Phipps was found guilty last year on multiple counts of fraud, tax evasion and money laundering for his "Life Without Debt" program. Court documents state that the program defrauded some 30,000 investors out of nearly $25 million.
Restitution for the lost funds will be addressed by the court at a later date, according to the report.
Posted by Todd M.
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