Wednesday, November 30, 2011
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Gwinnett Daily Post
ATLANTA -- A Lawrenceville man was sentenced to 20 years in federal prison Tuesday for helping run a Ponzi scheme that bilked investors out of more than $17 million.
Geoffrey A. Gish, 57, and Myra J. Ettenborough, 56, of Roswell, were both sentenced in federal court Tuesday for their crimes that took place from 2004 to 2006. Using the classic Ponzi scheme model, Gish and Ettenborough defrauded investment clients of the firm Weston Rutledge by misrepresenting the use of investor monies and their earnings.
The duo raised about $29 million from their clients, $11 million of which was used to repay investors who requested withdrawals. The remaining $18 million was gone, officials said.
Gish was sentenced to 20 years in prison followed by three years of supervised release and ordered to pay $17,245,275 in restitution. Ettenborough was sentenced to seven years in prison to be followed by three years of supervised release, as well as paying the same amount of restitution.