Tony Iervasi sentenced to 11 years for leading a $180M Ponzi scheme, defrauding 585 investors and misappropriating $9M.
Tony Iervasi has been sentenced to 11 years in prison for leading a $180 million Ponzi scheme that defrauded around 585 investors from 2010 to 2017. He misappropriated over $9 million for personal expenses, including luxury items and gambling. Despite repaying over $114 million, approximately $26 million remains unrecovered. Two associates, Athan Papoulias and David Sipina, also faced legal repercussions for their involvement.
September 02, 2024
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