Oregon woman gets nearly 5 years in prison for Ponzi scheme that prosecutors say reaped $2M
By APTuesday, September 22, 2009
Oregon woman sentenced to 5 years for Ponzi scheme
HILLSBORO, Ore. — A 57-year-old Oregon woman has been sentenced to almost five years in prison for operating a Ponzi scheme.
A judge in Washington County also ordered Yongsu Meade to pay more than $644,000 in restitution.
Prosecutors said Monday that Meade took in roughly $2 million from at least 20 investors, supposedly to trade foreign currencies.
As in a typical Ponzi scheme, the investors’ profits came from the money of other investors.
When Meade did trade in the foreign currency market, she lost much of the money.
Meade pleaded guilty to aggravated theft and selling unregistered securities.
Because of the statute of limitations, the state could only prosecute Meade for defrauding four investors.
