Chicago, IL–(ENEWSPF)– A Ponzi scheme that spanned 22 years and resulted in losses totaling more than $30 million to hundreds of individuals had “a horrific impact” on the victims, including many elderly Italian immigrants, a federal judge declared today in imposing the maximum possible prison term on the defendant. U.S. District Judge John Darrah nearly doubled advisory federal sentencing guidelines in imposing the maximum 23-year prison term for Frank A. Castaldi, a suburban accountant and businessman who promised hundreds of investors between 10 and 15 percent annual interest rates on promissory notes he sold them. The fraud scheme caused many of the victims to lose their homes, retirement income, and life savings.
