Ponzi Payments

December 2, 2011

He betrayed life-long friends, fellow servicemen, and the elderly—and now he’s behind bars.

Audio Transcript

Mollie Halpern: He betrayed life-long friends, fellow servicemen, and the elderly.

Ray Andjich: I’ve considered this one of the more egregious cases because investors relied on the fact that he was a licensed lawyer, he was a CPA.

Halpern: I’m Mollie Halpern of the FBI, and this is Gotcha. Lorn Leitman, of Miami, ran a business where he purportedly made loans to the military as well as residential mortgage loans. Case Agent Ray Andjich followed the money…

Andjich: Our investigation showed that Mr. Leitman did not make any residential mortgage loans, and whatever returns he was generating from his loans to the military were insufficient to pay his investors. So, he resorted to making Ponzi payments.

Halpern: Leitman defrauded more than 40 victims out of nearly $6 million while he lived a lavish lifestyle. Leitman’s conduct was found so reprehensible that…

Andjich: The judge sentenced Leitman to a harsher and longer period of incarceration than the recommended guideline range of between 10 and 12-and-a-half years.

Halpern: Leitman received 17-and-a-half years in prison.

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