Montreal - Man Who Ponzi scheme From Orthodox Jews Sentenced To 5 Years

Perry Newman is the financial adviser who admitted to Montreal bankruptcy trustee have cheated dozens of investors of millions of dollars between 1996 and 2010

Montreal, Canada - A disgraced financier who operated a Ponzi scheme has landed behind bars, where he’s serving what is deemed a tough sentence: Perry Newman quietly pleaded guilty last week to charges of defrauding half-a-dozen Orthodox Jewish people of a total of approximately six-million dollars and was immediately sentenced to five years in prison.

Victims’ lawyer Neil Stein says Newman operated a Ponzi scheme similar to the one that eventually caught up with disgraced financial consultant Earl Jones, but with one difference: while Jones did have a legitimate side to his business, Newman, it seems, was in the busines only of defrauding people for money to pay his own everyday bills.

Stein says the victims now hope to recover some of their lost money by sueing different members of Perry Newman’s family.