Man Gets 10 Years for Role in Ponzi Scheme
A Lancaster man who masterminded a Ponzi scheme that bilked millions of dollars from Los Angeles schoolteachers was sentenced Friday to 10 years in state prison and ordered to pay $1.2 million in restitution.
David Missman, 60, was convicted in July on 48 counts of grand theft, sale of unregistered securities and making a false misrepresentation in the sale of a security.
His wife, Karen Missman, 47, who the defense argued played a lesser role in the scheme, was convicted on six counts. She was also sentenced in Los Angeles Superior Court to five years’ probation and ordered to pay $154,000 in fines and restitution.
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