A former Lebanon accountant will spend the next 15 years in federal prison for operating a Ponzi scheme worth $12 million.
Douglas Richardson, 47, was sentenced Thursday to 188 months. He was previously found guilty of numerous counts of wire fraud and money laundering.
The prosecution argued Richardson’s scheme spanned a decade, including transferring money from work accounts into his personal accounts and soliciting investors. Instead of using their money for investments, he was moving money from one creditor to the next. Some of his victims were elderly, who lost most, if not all, of their retirement savings.
Proceeds from the scheme allowed Richardson to live a lavish lifestyle, including a $1 million home, numerous sports cars and motorcycles, and regular family vacations to Disney World.