John S. Morgan, of Sarasota, was recently sentenced to ten years in prison for his involvement in a Ponzi scheme that he allegedly ran with his wife through their Morgan European Holdings company. His wife, Marian Morgan, was convicted in September this year and will face sentencing on December 20th. An additional promoter in the case was also sentenced with Morgan and will serve four years.
The couple allegedly ran a Ponzi scheme in which investors were promised very high returns over 90 days. They dealt in prime bank instrument trading programs, but officials say that these bank deals were entirely fictitious. The Morgans are accused of using investors' money to pay off prior investors in a classic Ponzi-style scam.
The Morgans allegedly took in $28 million with the scam from 87 investors. Of the money that was not being paid out as returns to investors, the Morgans are said to have spent several million buying and renovating bay-front properties and purchasing other luxury items, such as a Maserati and a speedboat.
The experienced securities fraud lawyers with Meyer Wilson represent victims of Ponzi schemes nationwide in stockbroker mediation, arbitration, and litigation.