Still Another SD Ponzi Schemer Headed for Slammer
Scott Bottolfson was sentenced to five years in prison today (Feb. 11) after pleading guilty to defrauding 30 investors of more than $6 million. The case was handled by the U.S. attorney's office. Between 2001 and mid-2010, Bottolfson promised investors returns of 18 to 20 percent, and falsely claimed that his Increase Investments, Inc. was regulated by the National Futures Association. Bottolfson used half the funds on himself, such as for residences and vehicles; he also admitted that he executed a Ponzi by giving previous investors money coming in from new investors.
More like this:
- Ponzi schemer Sunil Sharma gets 33 months — Sept. 14, 2015
- Folks, your Ponzi scheme will always surface — July 16, 2015
- Two More SD Specials: Ponzi, Real Estate Swindle — Sept. 22, 2011
- Beau La Madrid Could Get Ten Years for Ponzi Scheme — Jan. 3, 2011
- Did Dominelli Study Ponzi? — Nov. 4, 2009