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John Clement of Encinitas was sentenced today (May 22) to two years in custody for defrauding investors in his $4.9 million Ponzi scheme named Edgefund Capital. He was also ordered to pay $4.9 million inn restitution, according to the U.S. Attorney's office. According to court records, Clement told investors that he ran a hedge fund specializing in trading stocks on a daily basis -- essentially, day trading. He promised victims 1.5% to 2% per month with little or no risk.

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Comments

SurfPuppy619 May 23, 2012 @ 3:59 a.m.

John Clement of Encinitas was sentenced today (May 22) to two years in custody for defrauding investors in his $4.9 million Ponzi scheme

He was facing 20 years, the US Attorney was recommending 4 years and this dirtbag loser who stole $ 5MILLION only gets 24 months, 21 months with good time custody credits, and he has already served 6 months so he will be out this time next year. J-O-K-E

This is clearly why people are pissed off at our so called "justice system", stuff like this. I know people who have done more time on drunk driving/alcohol related charges.

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Don Bauder May 23, 2012 @ 6:40 a.m.

Good point, SurfPup. People can still get away with white collar crime. Regulators and law enforcement don't look at big-time crooks unless public opinion forces it. (Literally everybody responsible for 2008 crash has gotten away with it.) I remember a New Yorker cartoon. A judge is looking down imperiously at a tatterdemalion. Says the judge, "Crime doesn't pay at your level." Best, Don Bauder

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SurfPuppy619 May 23, 2012 @ 9:19 a.m.

Says the judge, "Crime doesn't pay at your level." Best, Don Bauder

So true ;)

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Don Bauder May 23, 2012 @ 2:38 p.m.

This ancient poem is a truism: The law doth punish man or woman/ Who steals a goose from off the common. / But lets the greater felon loose/ Who steals the common from the goose. Best, Don Bauder

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