NBC29Local Man Sentenced in Ponzi Scheme
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A Charlottesville man convicted of swindling as many as 30 investors out of more than $5 million will serve seven years in Federal prison. John Donnelly pleaded guilty to four counts including wire and securities fraud back in May. In what prosecutors called a Ponzi scheme, Donnelly scammed his victims by selling investment fund securities, but never actually making trades.
Donnelly was sentenced Friday morning in Charlottesville Federal court. In addition to the time in prison, Donnelly must pay restitution to his victims of up to $5.3 million. Donnelly could have faced up to 48 years in prison
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