Chicago, IL–(ENEWSPF)– Saying a fraud defendant’s conduct was “despicable” and “outrageous” and caused “tragic” consequences for his victims, a federal judge sentenced a west suburban man to 10 years in prison for swindling some 75 victims, many of whom lost their retirement funds and life savings. U.S. District Judge John Darrah nearly doubled advisory federal sentencing guidelines in imposing the 10-year prison term for Matthew Scott, who lured his victims, including many close friends, to invest approximately $28 million over nine years in a business that he falsely represented purchased used high-speed commercial printers that were re-sold for a substantial profit. Scott, who then used the money instead to make “Ponzi-type” payments to earlier investors, had pleaded guilty in January to one count of mail fraud.
