Fla. man gets 8 years for $8 million Ponzi scheme

By the Associated Press | May 25, 2012 | 2:55 PM EDT

ALEXANDRIA, Va. (AP) — A Florida man has been sentenced to eight years in prison for running a Ponzi scheme that swindled hundreds of victims out of $8 million.

Court records indicate between 600 to 800 investors were victims of the scheme run by 62-year-old Stanley Shew-A-Tjon (SHEW-eh-john) of Davie, Fla., who promised returns of 5 percent to 18 percent a month.

The eight-year sentence imposed Friday by Judge James Cacheris in federal court in Alexandria, Va., was much closer to the seven-year sentence sought by the defense than the 16-year sentence sought by prosecutors.

Shew-a-Tjon apologized for his actions, and his lawyer said that investors are likely to recover more than $3 million of their losses.