12/14/11

JUSTICE!!

Mont. man gets 25 years prison for investment scam By AP | December 14, 2011 RENO, Nev. (AP)

A Montana man convicted of running an investment scam on the Internet was sentenced Tuesday to 25 years in federal prison and ordered to pay $13.2 million in restitution to more than 1,400 investors. U.S. District Judge Larry Hicks in Reno told Rick Young, 52, of Lewistown, that the fraud carried out by his Nevada-based Global One Group from 2006 to 2007 was "incredibly repulsive."

Many of the victims, the judge said, were vulnerable, "middle-class working people taking money out of accounts, trading out of their 401(k) plans, their pension plans, even off of their credit cards." "Frankly, it was nothing more than a type of Ponzi scheme, but it was incredibly sophisticated," he said. Among other things, prosecutors said Young and his partner used the money for their own gain in 2006 and 2007 partly by falsely marketing the Global One as a licensed securities broker.

A federal jury in March convicted Young of one count of conspiracy to commit mail and wire fraud, two counts of wire fraud, three counts of money laundering and one count of securities fraud.

Read more: http://www.businessweek.com/ap/financialnews/D9RJVUUG0.htm

9 comments:

Jeff said...

Well thats what happens when you steal my money you go to Jail, hummmm I wonder why I said that several yeras ago. Good for them. Im waiting for my check and everyone else's also. Merry Christmas PIP Daddy. Jeff Beverage Sandwich Illinois

Jeff said...

You steal my money then you go to jail, well I said that several years ago, the people of America dont like to be robbed, thank you Federal Gov. Merry Christmas PIP Daddy, enjoy your Christams present, The rest of us will be waiting for our checks...

Anonymous said...

I would say the victims are to blame for their stupidity and greed as well. If it looks too good to be true, it probably is. I want to see a picture of this guy.

Anonymous said...

This sentence couldn't have gone to a more deserving person. I hope that all of the people he stole from will get some sort of restitution....rest well in prison
Mr. Young, hope to never see ya again!

Anonymous said...

I served on this jury. I wish there was more we could have done to recover more of your losses but we awarded all assets the prosecution asked us to. (I would have left him with just his socks and underwear) Sorry for all your losses and sorry it took so long for justice to be served to this religious con man.

Anonymous said...

Bet there is still stuff out there that could be sold for restitution.just sayn

paul said...

People in the UK hate to be robbed also and yes I was stupid to fall for the promises made, but desperate people sometimes do stupid things. It would be nice to see some of my savings returned but I don't hold out much hope. So "blessings" to you Mr Young and Mr Willard and may your stay in the US Governments hotel be an unpleasant one. Merry bloody Christmas.

Anonymous said...

Does anyone know how I can register to get my money back or is this a no-go issue? I don't have as much as others but I have about 6k "invested" in this scam and I'd like to try to get some of it back.

Jeremy Krans @ Marietta GA

Elaine said...

I lost about 70K but was told by the court that I don't get any back because my money was lost in Forex. I always thought my money was simply being siphoned off by Rick. Anyone else out there, having the same issue? How did the government confirm that my money was lost in Forex? Elaine 209-277-6938