Indiana Man Convicted for Role in Ponzi Scheme
| U.S. Attorney’s Office September 16, 2009 |
BUFFALO, NY—Melvin R. Little, 56, of Lawrenceburg, Indiana, was convicted after a jury trial of participating in a mail, wire and money laundering conspiracy, which carries a maximum penalty exceeding 30 years' imprisonment, a fine of $250,000, or both.
Department of Justice Trial Attorney William H. Bowne and Assistant U.S. Attorney Bradley E. Tyler, who handled the case, stated that the defendant participated in a "Ponzi" scheme by offering 26 investors high yield returns with no risk to the investors' investment monies. As a result of that scheme, the defendant and his co-conspirators took over $13,000,000 of investor monies.
The conviction was the culmination of an investigation on the part of Special Agents of the Federal Bureau of Investigation, under the direction of James H. Robertson, Special Agent in Charge, and the Internal Revenue Service, Criminal Investigation Division, under the direction of Patricia J. Haynes, Special Agent in Charge.
Sentencing is scheduled for Dec. 16, 2009, at 9:00 a.m., in Buffalo, N.Y., in front of U.S. Judge Sterling H. Johnson.