Man faces Conn. sentence for $100M Ponzi scheme

May 12, 2011 - 1:59 PM

NEW HAVEN, Conn. (AP) — For more than a decade, a man based in Connecticut tricked hundreds of investors into giving him more than $100 million on a promise of fat profits on diamonds and distressed properties.

Michael Goldberg turned himself in to authorities in 2009 and pleaded guilty last year to wire fraud charges.

The 40-year-old former Wethersfield resident faces more than 12 to 15 years in prison when he is sentenced Monday in U.S. District Court in Hartford. Federal prosecutors contend he should be sentenced within that range, saying many victims lost their homes, retirement security and children's college savings.

Goldberg's attorney, Richard Brown, asked for a lower sentence, saying Goldberg turned himself in before authorities were investigating him out of remorse and cooperated extensively with investigators.

Prosecutors say the victims lost more than $30 million.