Read the latest news relating to investor claims and broker fraud.

Harriett's Sentencing Delayed by Ohio Court Due to Cancer Treatment

The sentencing of David J. Harriett (of DJ Harriett, Inc.) has been delayed until September 28 so that he may receive treatment for cancer, according to an August 18 Vindy.com article. Harriett pled guilty in June to operating a $7 million Ponzi scheme that defrauded approximately 200 investors.

From August 1996 to January 2010, Harriett misled investors in DJ Harriett, Inc. in to believing his company had obtained franchise construction contracts for new McDonalds and Pioneer Chicken restaurants in Ohio, New York, Indiana, Pennsylvania and Florida, according to a June 9 Department of Justice press release.

To support promises he made guaranteeing investors a full return on their investments, plus interest, Harriett misappropriated funds from new investors to make payments to older ones. He also used investor funds to operate his business and to support his personal lifestyle.

The 60-year-old Harriett is a resident of Warren, Ohio and a former General Motors executive. He faces a recommended 63 to 78 months in jail, according to the DOJ.

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