Old-Timer Gets Prison|for a Ponzi Scheme

     SAN DIEGO (CN) – A 65-year-old Encinitas man was sentenced Tuesday to 2 years in federal prison for stealing $4.9 million in a Ponzi scheme, the U.S. Attorney’s Office said.



     John Clement pleaded guilty in September 2011 to a criminal information accusing him of wire fraud, prosecutors said in a statement. He took more than $4.9 million by claiming his Edgefund Capital was a successful day trader that paid monthly returns of 1.5 percent to 2 percent, “with little or no risk involved,” prosecutors said in the statement.
     He also was ordered to pay $4.9 million in restitution.

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