Branford Man Faces Sentencing For Ponzi Scheme
BRIDGEPORT, Conn. (AP) — A Branford man is facing sentencing for operating a Ponzi scheme that defrauded more than 50 investors of about $3.6 million.
Feisal Sharif is scheduled to be sentenced Wednesday in federal court in Bridgeport.
Authorities say from 2003 to 2012, Sharif ran an scheme in which he convinced investors, including relatives and friends, their money would be traded in commodity futures but Sharif was simply paying existing investors with new money he raised from other investors with very little used to trade in commodity futures.
Prosecutors say he should be sentenced to at least seven years.
Sharif’s attorney says he was ashamed of an initial loss and “kept digging.” He says he’s deeply remorseful and is seeking a sentence below guidelines, which call for about eight to 10 years.
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