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.
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