Southern California man gets prison for Ponzi scheme

Published March 18, 2022 7:33 AM

LOS ANGELES (AP) — The former chief executive of a Southern California financial services company has been sentenced to 33 months in federal prison for helping run a Ponzi scheme that cost investors more than $2.3 million. The Los Angeles U.S. Attorney’s Office says 68-year-old Scott Allensworth of Santa Clarita also was ordered Thursday pay more than $2.3 million in restitution. Allensworth pleaded guilty to one count of wire fraud in July 2021. Prosecutors say the scheme ran from 2015 to 2017 and involved a Kentucky man who pleaded guilty to wire fraud last year and is serving a 41-month prison sentence.

Article Topic Follows: AP California

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

News Channel 3 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.