Missouri accountants using the Ponzi scheme to fund a luxury lifestyle will be sentenced

A former certified accountant in south-central Missouri was sentenced to more than 15 years in federal prison for implementing a Ponzi scheme that tricked dozens of victims into millions of dollars.

Douglas Richardson, 47, of Lebanon, was sentenced to 188 months in federal court in Springfield and paid more than $ 8.8 million to victims nationwide, according to the Federal Attorney’s Office for the Western District of Missouri. Was ordered to pay. ..

There is no parole in the federal system.

The jury found Richardson guilty of six wire frauds and four money laundering cases in 2019. As part of this plan, prosecutors said Richardson had deliberately escaped some elderly victims from most or all of his retirement savings.

The prosecution said Richardson used the proceeds of the project to support a $ 1 million home, regular family trips to Disney World, and luxury lifestyles such as expensive cars, campers, and motorcycles.

Prosecutors also provided evidence at Richardson’s decision hearing Thursday that Richardson continued to deceive money from people while he was waiting for his decision. According to prosecutors, this included tricking a victim of nearly $ 100,000 and stealing $ 800 from the victim’s bank account without the victim’s knowledge during a jury trial. ..

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