April 14, 2010 - COLUMBIA—Acting United States Attorney Kevin F. McDonald announced today that Oren Eugene Sullivan, age 63, of Rock Hill, South Carolina, was sentenced to 30 months in federal prison for mail fraud in connection with his operation of a Ponzi scheme. Sullivan was ordered to serve three years on supervised release following his prison term, and was also ordered to pay $2,415,000.00 in restitution to his victims. Senior United States District Judge Matthew J. Perry sentenced Sullivan.
Sullivan ran a Ponzi scheme from 1995 through 2008, where he sold false investments to 35 different individuals or groups of investors. Sullivan told clients that he was managing their investment accounts, and paid small dividends to his investors. However, he was actually converting their invested money for his own use, and paying the dividends with money he received from new investors. Over the course of the scheme, Sullivan took in approximately $2.5 million dollars from unwitting investors.
Sullivan’s scheme was detected by an investor, who reported him to authorities.
This case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Nathan S. Williams of the Columbia office.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment