Infinity2Global Ponzi founder Richard Maike has been sentenced to 10 years in jail.
Maike will even pay a $100,000 financial high quality, with restitution to be decided subsequent yr.
Infinity2Global was an MLM Ponzi scheme Maike (proper) launched again in 2013.
Lengthy after I2G had collapsed, Maike and a number of other high I2G promoters had been indicted in 2017.
The DOJ pegged I2G investor losses at “not less than $16 million”.
Following prolonged delays for a lot 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 part of Maike’s sentence is to be decided at a February 2nd, 2023 listening to.
If Maike serves the complete 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 right now. Hosseinipour’s sentencing standing and/or schedule is unknown.
