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Riverside County Man Sentenced to 100 Years for Operating Ponzi Scheme

By Walin & Klarich

In September, a Federal Judge in Riverside County sentenced Richard Monroe Harkless to 100 years in prison for operating a Ponzi scheme that bilked investors of about $35 million. Federal prosecutors boast that the sentence is the longest ever imposed for a financial crime in Southern California. Harkless ran the scheme form 2000-2003 through a company he called MX Factors and dozens of the company?s estimated 700 investors wrote the judge to demand a stiff sentence. Victims complained of postponed retirements, sleepless nights, and prescriptions for anti-depressant medications. U.S. District Court Judge Virginia A. Phillips, in explaining her sentence, said Harkless has caused ?every kind of grief imaginable?. The U.S. Attorney who prosecuted the case commented that Harkless has shown zero remorse and the sentence is appropriate given the incredible amount of harm he has caused...continue to full post

Full post as published by Southern California Criminal Defense Blog on December 05, 2009 (boomark / email).