Judge sentences man to prison in $8.7 million Ponzi scheme

 

CINCINNATI (AP) — An Ohio man has been sentenced to more than eight years in prison for running a decade-long Ponzi scheme.

A federal judge handed down the sentence against 53-year-old John Bullar Monday. He’s been ordered to pay $6.2 million in restitution and forfeit more than $500,000.

Prosecutors say the Cincinnati man solicited $8.7 million from more than 40 investors between 2003 and 2013, marketing himself as someone experienced in investing in commodity futures.

Authorities say Bullar used investor money to pay for vacations, country club dues, boats, sports tickets and vehicles, as well as his mortgage.

The Cincinnati Enquirer reports that Bullar’s attorney said her client didn’t set out to defraud anyone.

He pleaded guilty in September to wire fraud and money laundering.

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