Local News

Branford Man Faces Sentencing For Ponzi Scheme

View Comments
File photo of a judge's gavel. (Photo by Joe Raedle/Getty Images)

File photo of a judge’s gavel. (Photo by Joe Raedle/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

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.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 845 other followers