Former Lebanon CPA sentenced for $12 million ponzi scheme

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A former certified public accountant in Lebanon, Missouri, was sentenced in federal court today for engaging in a $12 million scheme to defraud dozens of victims across the United States.

Douglas A. Richardson, 47, was sentenced by U.S. District Judge M. Douglas Harpool to 188 months in federal prison without parole. The court also ordered Richardson to pay $8,832,830 in restitution to his victims.

On Nov. 7, 2019, Richardson was found guilty at trial of all 10 counts of a federal indictment that included six counts of wire fraud and four counts of money laundering.

Richardson, a certified public accountant until his license was revoked, engaged in a decade-long Ponzi scheme. The government presented evidence at today’s sentencing hearing that Richardson defrauded numerous victims across the United States out of a total of approximately $12 million. As a part of this scheme, Richardson knowingly fleeced several elderly victims out of most, if not all, of their retirement savings.

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