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Thomas Mitchell Sentenced for $7 Million Ponzi Scheme that Targeted Retirees

Posted on Sep 04, 2011

Last month, Thomas Mitchell was sentenced to 9 years in prison for allegedly running a 15-year-long Ponzi scheme that targeted retired train and bus drivers. Mr. Mitchell was found guilty of scheming more than $7 million from the senior citizens he allegedly targeted with his Ponzi scheme.

Court documents indicate that Mr. Mitchell promised his clients a return of up to 12.5% on their investments, but he then only invested a small portion of the money his clients entrusted to him.
Prosecutors alleged that Mr. Mitchell paid investors a small amount based on the small amount invested and used the rest of the cash for himself.

Several senior citizens addressed the court at Mr. Mitchell's sentencing and told how they had to go back to work, go on public assistance, or ask their children for financial help to make ends meet as a result of the Ponzi scheme.

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