Thursday September 9, 10:00 pm Eastern Time
Man Gets 7 Yrs. for Investment Scam
BOSTON (AP) -- A man who pleaded guilty to running a $20 million investment scam was sentenced Thursday to nearly seven years in prison and ordered to pay more than $2 million in restitution.
Arthur F. Good, 51, pleaded guilty in February to 43 counts of fraud, conspiracy and money laundering in what investigators called a classic Ponzi scheme.
Prosecutors said the ongoing investigation has identified more than 100 victims nationwide, including retirees, dentists, attorneys and others. They lost sums ranging from $10,000 to almost $1 million.
Good, who led a lavish lifestyle, was head of the Quincy-based Boston Investment Group, which was known by its initials, ''B.I.G.''
Good bilked investors out of at least $7 million by telling them that he would invest their money in very safe investments with very high rates of return. But, instead of putting the money in safe investments, he used much of it to pay off previous investors, and divided up most of the rest of it between his partners and himself. |
