Local News

Branford Man Sentenced For Ponzi Scheme

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

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

Get Breaking News First

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

BRIDGEPORT, Conn. (AP) _ Federal authorities say a Branford man has been sentenced to more than eight years in prison for operating a Ponzi scheme that defrauded more than 70 investors of about $3.6 million.

The U.S. Attorney’s office says 43-year-old Feisal Sharif was sentenced Wednesday in federal court in Bridgeport to eight years and four months and ordered to pay restitution of $3.68 million.

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.

Sharif’s attorney says he was ashamed of an initial loss and “kept digging.” He says he’s deeply remorseful.

(© 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 This material may not be published, broadcast, rewritten or redistributed.)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 843 other followers