Ohio Attorney Sentenced to 7 Years in Prison for Ponzi Scheme
A Chagrin Falls attorney, Dale P. Zucker, was sentenced yesterday to over seven years in prison for his role in a Ponzi scheme, according to WKYC-TV.com. Originally indicted in 2009, Zucker pled guilty earlier this year to two counts of mail fraud, three counts of failure to pay income taxes, and one count of failure to appear.Authorities allege that Zucker defrauded 19 clients of his law practice and several acquaintances by persuading them to invest in businesses that did not exist. According to the August 2009 Department of Justice Press Release, Zucker tricked investors by issuing promissory notes "guaranteeing" rates of return ranging from 10-25% and by providing post-dated checks to investors that covered their principal investments plus interest.
According to the DOJ, Zucker had no intention of repaying investors. Rather than fund the businesses as he had represented, he used the approximately $703,000 in investment funds for his own personal purposes.
After his indictment, Zucker went on the run. In April, the former Ohio resident was captured by authorities in Union City, California, according to WKYC-TV.com. In his possession was a fully loaded, semi-automatic handgun.
U.S. District Judge Patricia Gaughan has sentenced him to 93 months in prison.
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