David Saks: Miami Attorney CPA Residential Mortgage Ponzi Scammer gets 17+ Years in Prison

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Miami Attorney CPA Residential Mortgage Ponzi Scammer gets 17+ Years in Prison

Ponzi Scammer gets 17+ Years in Prison

Lorn Leitman, 61, Miami, Florida, an attorney and C.P.A., was sentenced by a federal district court judge to 210 months' incarceration for his role in a 10-year Ponzi scheme.  In an unusual decision, the court departed upward from a sentencing guideline range of 121-151 months, commenting that, "this case is exceptional."

A federal grand jury charged the defendant with violating the mail fraud statute for defrauding elderly victims and retirees, among others, through the operation of a Ponzi scheme which sought investments in either phantom residential mortgages or a separate venture burdening U.S. military personnel with predatory and usurious loans.  The defendant pled guilty to one count of mail fraud on April 6, 2011 and faced a maximum possible sentence of imprisonment for 20 years.  Several victims appeared in court to address the impact of the fraud.  As one victim explained, losses from the Ponzi scheme forced the end of his retirement and his return to work.  He commented, "my dreams are dead."

The court explained that the decision to sentence above the guidelines resulted from the defendant's conduct preying upon his closest friends, fellow servicemen, the elderly and retirees, and noted that the defendant breached codes of conduct applicable to members of the Florida Bar and certified public accountants.  In addition to the enhanced sentence, the court ordered the defendant to pay $3,308,435.03 in restitution to victims.

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, announced the sentence. 

Mr. Ferrer commended the investigative efforts of the FBI as well as Assistant U.S. Attorneys Karen Rochlin and H. Ron Davidson, who prosecuted the case.   

Courtesy Rachel Dollar




David Saks



Time&Temp Memphis

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Comment balloon 4 commentsDavid Saks • July 14 2011 01:20AM

Comments

Hi David,

That is an interesting case.

Sounds like it may become a TV special.

Thanks for sharing it

Phil

Posted by Phil Leng, Phil Leng - Retired (Retired) over 8 years ago

It is amazing that there are people who do such things . . .

Posted by Sarasota & Manatee Counties FL, QuickFreeMLS.com - Listings In Paradise (SaraMana Properties - QuickFreeMLS.com) over 8 years ago

America's Most Wanted would be a good start, Phil.

Posted by David Saks ((retired)) over 8 years ago

Not anymore, John. It's a daily routine in banking and finance. Desperation and greed both have a bizarre way of bringing the low-life out of an individual that would otherwise appear to be ethically amenable and responsible.

Posted by David Saks ((retired)) over 8 years ago

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