Conn. man who ran $100M Ponzi scheme gets prison

May 16, 2011 - 5:45 PM

HARTFORD, Conn. (AP) — A Connecticut man who tricked hundreds of investors into giving him more than $100 million on a promise of fat profits on diamonds and distressed properties has been sentenced to 10 years in prison.

Michael Goldberg of Wethersfield was also ordered Monday to undergo substance abuse and mental health evaluations. He must report to prison by July 18.

The 40-year-old Goldberg pleaded guilty last year to wire fraud charges. Authorities recommended a 12- to 15-year sentence as well as restitution.

Goldberg's attorneys sought a lighter sentence, saying he turned himself in before authorities started investigating him and cooperated with investigators.

His victims lost $30 million in the scheme. Some said at a sentencing hearing earlier Monday that they lost homes, retirement savings and their children's college funds.