Infinity2Global Ponzi founder Richard Maike has been sentenced to 10 years in prison.
Maike will also pay a $100,000 monetary fine, with restitution to be determined next year.
Infinity2Global was an MLM Ponzi scheme Maike (right) launched back in 2013.
Long after I2G had collapsed, Maike and several top I2G promoters were indicted in 2017.
The DOJ pegged I2G investor losses at “at least $16 million”.
Following lengthy delays for a number of reasons, Maike’s trial finally kicked off on July 12th.
On September 7th a jury convicted Maike of conspiracy to commit mail fraud, money laundering, tax evasion and securities fraud.
Maike’s sentence follows a denied eleventh hour motion for acquittal and a new trial. The restitution component of Maike’s sentence is to be determined at a February 2nd, 2023 hearing.
If Maike serves the full length of his sentence he’ll be 65 at time of release.
Maike was found guilty alongside co-defendants Doyce Barnes and Faraday Hosseinpour.
Barnes is scheduled to be sentenced later today. Hosseinipour’s sentencing status and/or schedule is unknown.