AKRON, Ohio – A federal appeals court has upheld Ohio an ex-refugee is a 20-year prison sentence for a Ponzi scheme that victimized hundreds of investors in the 1990s.
Prosecutors say Eric Bartoli and co-conspirators ripped off, the V. S. and Latin America investors by selling them $65 million in non-registered securities. Bartoli fled, was arrested by the Peruvian police and pleaded guilty to conspiracy and fraud charges in the U.S. in 2016.
He challenged his sentence with claims, including that the unreasonably long and that too much weight was given to how his actions affected the victims and not enough acceptance of responsibility.
The 6th U.S. Circuit Court of Appeals affirmed the verdict and sentence Friday.
Bartoli’s lawyer says that they were disappointed in the ruling and will be evaluated whether to prosecute the case further.