Posted on 05/12/2011 12:33:37 PM PDT by markomalley
For more than a decade, Michael Goldberg tricked hundreds of investors into giving him more than $100 million on a promise of fat profits on diamonds and distressed properties.
He turned himself in to authorities in 2009 and pleaded guilty last year to wire fraud charges in connection with the Ponzi scheme. But after his arrest, prosecutors say Goldberg tried to lure investors on a promise of big profits on gold, only this time a prostitute named Rain who was solicited to invest alerted authorities.
Goldberg, a 40-year-old former Wethersfield resident, faces more than 12 to 15 years in prison as well as restitution when he is sentenced Monday in U.S. District Court in Hartford. Federal prosecutors contend he should be sentenced within that range, saying many victims lost their homes, retirement security and children’s college savings.
"It is impossible to overstate the economic carnage wrought by the defendant’s decade-long fraud," prosecutors wrote in court papers, saying victims were left with mountains of debt and forced to work multiple jobs.
Goldberg’s attorney, Richard Brown, asked for a lower sentence, saying Goldberg turned himself in before authorities were investigating him out of remorse and cooperated extensively with investigators.
The victims, who include an attorney, lost more than $30 million, prosecutors said. Goldberg also exposed his friends to possible criminal charges by recruiting them to get investors, prosecutors said.
No one else has been charged, but the case remains under investigation.
(Excerpt) Read more at wnyt.com ...
They should have in stir for the rest of his life.
I love it when they say “more than twelve to fifteen years.” Really, fifteen is already more than twelve, so it sounds stupid. It should simply say “more than fifteen years” or just “fifteen years or more.” Or maybe “ranging from twelve to more than fifteen.” Stupid journalists.
I love it when they say “more than twelve to fifteen years.” Really, fifteen is already more than twelve, so it sounds stupid. It should simply say “more than fifteen years” or just “fifteen years or more.” Or maybe “ranging from twelve to more than fifteen.” Stupid journalists.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.