Ponzi Schemer Sentenced To 5 Years In Prison

Steve Miller
March 18, 2019 - 8:50 pm
Judge's Gavel

Webdata | Dreamstime.com

Categories: 

CHICAGO (WBBM NEWSRADIO) -- Federal prosecutors say a Vernon Hills man has been sentenced to five years in prison after swindling investors, some of whom had turned over their life savings to him.

The U.S. Attorney's Office said 50-year-old Richard Booy got more than $1.4 million from his clients; many of them were elderly.

Booy did not invest the money, as his clients believed, but used it for a fitness club membership, to cover his health insurance and to pay off earlier investors in his Ponzi scheme, prosecutors said.

Among Booy's victims were a retired painter, a Chicago pastor and someone with Parkinson's Disease, U.S. Attorney’s Office said.

He approached potential victims in their homes and places of worship, operating from 2012 to 2016, prosecutors said.