Ponzi Scheme Mastermind Sentenced to 9 Years

Ponzi scheme uncovered, man sentenced
Ponzi scheme uncovered, man sentenced

A California con artist whose Ponzi scheme guaranteed quick returns on the resale of office equipment was sentenced Monday to nine years in federal prison for bilking dozens of victims nationwide out of more than $8 million.

Peter Jerald Frommer, 35, of Santa Barbara, was sentenced by a U.S. District Court judge in Los Angeles, who also fined him $8.1 million to refund his victims. Frommer pleaded guilty in November to wire fraud, money laundering, and three counts of failing to file federal income tax returns from 2004 to 2006.