ALEXANDRIA, Va. (AP) -- A Florida man has been sentenced to eight years in prison for running a Ponzi scheme that swindled hundreds of victims out of $8 million.
Court records indicate between 600 to 800 investors were victims of the scheme run by 62-year-old Stanley Shew-A-Tjon (SHEW-eh-john) of Davie, Fla., who promised returns of 5 to 18 percent a month.
The eight-year sentence imposed Friday by Judge James Cacheris at federal court in Alexandria was much closer to the seven-year sentence sought by the defense than the 16-year sentence sought by prosecutors.
Shew-a-Tjon apologized for his actions, and his lawyer said that investors are likely to recover more than $3 million of their losses.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.