Infinity2Global Ponzi founder Richard Maike has been sentenced to 10 years in jail.
Maike may also pay a $100,000 financial high quality, with restitution to be decided subsequent 12 months.
Infinity2Global was an MLM Ponzi scheme Maike (proper) launched again in 2013.
Lengthy after I2G had collapsed, Maike and a number of other prime I2G promoters had been indicted in 2017.
The DOJ pegged I2G investor losses at “not less than $16 million”.
Following prolonged delays for plenty of causes, Maike’s trial lastly kicked off on July twelfth.
On September seventh a jury convicted Maike of conspiracy to commit mail fraud, cash laundering, tax evasion and securities fraud.
Maike’s sentence follows a denied eleventh hour movement for acquittal and a brand new trial. The restitution element of Maike’s sentence is to be decided at a February 2nd, 2023 listening to.
If Maike serves the total size of his sentence he’ll be 65 at time of launch.
Maike was discovered responsible alongside co-defendants Doyce Barnes and Faraday Hosseinpour.
Barnes is scheduled to be sentenced later at present. Hosseinipour’s sentencing standing and/or schedule is unknown.