Sunday, February 24, 2008
Search Site:
Home | About Us | Contact Us | Archives | Feedback | Career Avenues
News
National
State
District
City
Business
Foreign
Sports
Comments
Edit Page
Panorama
Net Mail
Your Take
Infoline
In City Today
HelpLine
Daily Almanac
Festivals of India
Weather
Leisure
Crossword
Horoscope
Year 2008
Weekly
Daily Astrospeak
Calendar 2008
Pearls of Wisdom
A budget tells us what we cannot afford, but it doesn't keep us from buying it.
- William Feather
Supplements
Metro Life - Mon
Movie Reviews
DH Avenues
Hi Life
Metro Life - Thurs
Economy & Business
Metro Life - Fri
Open Sesame
Metro Life - Sat
Living
DH Realty
Fine Art / Culture
Articulations
Entertainment
Science & Technology
Spectrum
Sportscene
She
Sunday Herald
DH Education
ENGLISH FOR YOU
Reviews
Book Reviews
ENVIRONMENT
Cyber Space
Bangalore IT.in
Dasara dazzle
Art Reviews
Columns
Kuldip Nayar
Khushwant Singh
N J Nanporia
Tavleen Singh
Swami Sukhabodhananda
Bittu Sehgal
Suresh Menon
Shreekumar Varma
Movie Guide
Ad Links
Deccan
International School
Real Estate Properties in Bangalore
Deccan Herald
Now Available
Globally
in Print Format
Others
About Us
Subscription

Send your Suggestions / Queries about the Website to the
Webmaster


To send letters to Editor :
Letters to Editor

You are welcome to post your letters/responses to NETMAIL here.

For enquiries on advertisements :
Contact Us

Deccan Herald » Foreign » Detailed Story
Man gets 28 yrs for 190 million dollars fraud
Los Angeles, AP:
An 81-year-old man has been sentenced to 28 years in prison in an investment scam that prosecutors say sweeped across half the country and bilked 1,800 people, many of them elderly, of about 190 million dollars.


John Heath, who was convicted last month alongside his son Daniel Heath and another man, also was ordered to pay 117 million dollars in restitution to the clients who invested directly through him. Jurors found the three guilty of running a Ponzi scheme that funnelled money from new investors to pay off people who had already pumped in cash.

John Heath was convicted on 52 counts including grand theft, selling false securities and theft from the elderly.

About 100 letters from victims were sent to the Riverside County Superior Court, and about a dozen of them were read to Judge Ronald Taylor, said Ingrid Wyatt, a spokeswoman for the district attorney’s office. The notes talked about how the victims’ lives had been affected after learning their investments with Daniel W Heath & Associates had been lost.

Some of Heath’s adult children pleaded for leniency for their father at the hearing. His attorney, Chad Firetag, asked the judge for probation, citing his client’s age and failing health.

Firetag has said the elder Heath wasn’t aware of the scam and had enough trust in his son that he plowed his own commissions back into the investments.

comment on this article
Other Headlines
AT A GLANCE
Britney can soon visit sons
Quakes shake US, Mexico border
Obama says US, India 'natural' partners
'GANDHI INSPIRED ME'
Man gets 28 yrs for 190 million dollars fraud
It's fine to shoot a blackbuck in Pak!
Uphill task for Clinton
'Co-exist with Mush'
Zardari tries to rope in MQM for coalition govt
Ad Links
Flowers to India , Gifts to India
Flowers to Gwalior , Gurgaon , Jalandhar, Kochi, Jaipur, Nagpur, Coimbatore
Gifts to India , Flowers to Bangalore India
NRI Account Easy remittance
India Flowers - Dehradun Hyderabad Kolkata Gurgaon Punjab
Flowers to Bangalore, Chennai, Hyderabad, Delhi, Mumbai, Pune Kolkata.
Send Flowers, Cakes, Chocolate, Fruits to Pune.
Flowers to India , France , Japan, Germany, Hong Kong, Singapore, Mexico, USA
Flowers to India , Mumbai , Pune, Delhi, Chennai,
Your Life Partner? Get personalized proposals daily. Thousands of New members with Photo Profiles. Profession,Religion, Community searches & more. Register FREE!
Copyright 2007, The Printers (Mysore) Private Ltd., 75, M.G. Road, Post Box No 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
click here