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A former accountant from south-central Missouri has been sentenced to more than 15 years in federal prison for carrying out a Ponzi scheme that defrauded millions of dollars from dozens of victims.
Douglas Richardson, 47, of Lebanon, was sentenced in Springfield federal court to 188 months on Thursday and ordered to pay more than $ 8.8 million in restitution to his victims across the country, the prosecutor’s office said American for the Western Missouri District in a press release. .
There is no parole in the federal system.
A jury convicted Richardson in 2019 of six counts of wire fraud and four counts of money laundering. As part of the scheme, Richardson knowingly stole several elderly victims of most or all of their retirement savings, prosecutors said.
Richardson used the proceeds of the program to support a lavish lifestyle that included a million dollar home, regular family vacations to Disney World, and expensive cars, motorhomes and motorcycles, prosecutors said.
Prosecutors also presented evidence at Richardson’s sentencing hearing on Thursday that Richardson continued to defraud people’s money as he awaited sentencing. This included fraud by a victim of nearly $ 100,000 and taking $ 800 from a victim’s bank account during her jury trial without the victim’s knowledge, prosecutors said.