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N.C. Man Sentenced to 50 Years in Prison for Ponzi Scheme

By
Raul Hernandez
on May 24, 2012 8:50 AM Share: Share on Facebook submit to reddit StumbleUpon Toolbar
CHARLOTTE, N.C. -- A 47-year-old man was sentenced today to 50 years in prison in connection with a $40 million Ponzi scheme he operated, according to federal prosecutors.
From April 2007 to September 2009, Keith Franklin Simmons, of West Jefferson, North Carolina and his co-conspirators induced more than 400 victims nationwide to invest more than $40 million in Black Diamond, a supposed business trading in the foreign currency exchange market.
Simmons used the victims' money to pay for a lavish lifestyle, according to federal authorities.

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The Court Reporter
Raul Hernandez has spent years writing stories about the drama that unfolds in the courtroom. Here he answers common questions, share some insights on the judicial system and passes along some of the little things that make the Ventura County courts an interesting place to be. You can contact him at rhernandez@vcstar.com.