Miami Man Faces 400 Years In Prison For Ponzi Scheme

Miami business man found guilty of bilking $132 million from investors

Some might call him the Miami Madoff.

Now you can call him guilty.

Edward Okun swindled at least 600 investors in an elaborate Ponzi scheme that saw the businessman net over $132 million from his unsuspecting clients.

A federal jury convicted Okun of 23 counts of fraud and money laundering on Thursday, possibly sending the 58-year-old to prison for 400 hundred years. That's right. Four centuries.

At least then, Okun will have time to reflect on what he's done and maybe pay back some of the millions he stole from trusting investors.

Okun owned two Richmond companies that held money from clients nationwide seeking to defer capital gains taxes on property sales. Prosecutors claimed he illegally spent his clients' money on a waterfront mansion, a personal jet, a yacht and jewelry for his new wife.

Copyright AP - Associated Press
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