Richard Maike, who started the Infinity2Global Ponzi scheme, was given a 10-year prison sentence.
Maike will also have to pay a $100,000 fine, and the amount of money she has to pay back will be decided next year.
Maike started the MLM Ponzi scheme Infinity2Global in 2013.
In 2017, Maike and several top I2G promoters were charged with crimes. This was a long time after I2G had failed.
The DOJ said that “at least $16 million” was lost by I2G investors.
Maike’s trial finally started on July 12, after long delays for a number of reasons.
On September 7, a jury found Maike guilty of plotting to commit mail fraud, laundering money, not paying taxes, and securities fraud.
Maike got her sentence after her last-minute request for acquittal and a new trial was turned down. At a hearing on February 2, 2023, the judge will decide how much money Maike has to pay back.
If Maike serves out his whole sentence, he will be 65 years old when he gets out.
Maike and two other defendants, Doyce Barnes and Faraday Hosseinpour, were all found guilty.
Barnes will be given a sentence later today. No one knows how or when Hosseinipour will be sentenced.
Update (6 January 2022): Richard Maike has filed a petition to change the sentence that was given to him.