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Promises Broken in Alleged Ponzi Scheme; Prison Next for Perpetrators

Posted on Dec 11, 2011

Investors who did business with Weston Rutledge Financial Services Inc. were allegedly promised safety, security, and very high returns. However, federal prosecutors found that, instead of getting what they were promised, these investors were actually victims of a classic Ponzi scheme.

The accused perpetrators of the Ponzi scheme, Geoffrey Gish and Myra Ettenborough, allegedly raised $29 million and were indicted in August 2010. Last month, they were sentenced for their suspected roles in these financial crimes. Mr. Gish, who reportedly operated and controlled the business, was sentenced to 20 years in prison. Ms. Ettenborough, who was the office manager, received seven years in prison.

Authorities believe that some of the money taken from investors was used for personal purposes.

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