Armitage Sentenced 10 years for $200 million Ponzi Scheme

Apr 9, 2013 12:41 PM

REDDING, Calif. (AP) - A 10-year prison sentence has been dealt to a man accused of cheating North Coast residents out of hundreds of millions of dollars in what prosecutors characterized as one of the largest real estate Ponzi schemes in state history. A Shasta County Superior Court judge issued the sentence against Gary Armitage yesterday as some of his victims spoke out against him in court. Retiree Ron Johnson of Auburn told Armitage, "Not only did you steal the money we worked for our entire lives to save, you destroyed our ability to trust in others and ourselves." Prosecutors said Armitrage and two accomplices bilked 2,000 investors out of $200 million.


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