Winter Springs Ponzi schemer who bilked millions gets prison

[Baitball Blogger]

A Winter Springs man was sentenced to five years in federal prison and ordered to repay $11.6 million in restitution to his victims, the U.S. Department of Justice said Monday.

Japheth Paramanandam, 39, pleaded guilty in December to conspiracy to commit wire fraud, money laundering and securities fraud.

Paramanandam must repay more than 700 victims and forfeit about $28 million in assets connected with his crimes, the court ruled Thursday.

Paramanandam and another man, David Merrick, ran a Ponzi scheme disguised as an investment company, the government charged.


http://articles.orlandosentinel.com/2012-06-11/news/os-ponzi-scheme-prison-sentence-20120611_1_ponzi-scheme-winter-springs-man-wire-fraud

[BlueJazz]

1. See..I told ya. As soon as someone tries to better himself, the government..

..sticks their noses in private business and ruins it for everyone.

[Baitball Blogger]

2. Winter Springs is a corrupt good ole boy community.

Just my opinion. Perhaps because so much around here goes beyond the scope of ordinary when it comes to ordinary government procedure, that it attracts some of the most unethical kind of people that do land in the national spot light.