28-Year Old Pennsylvania Man Sentenced to Prison for Ponzi Scheme
A Beaver man received a twenty-one month prison sentence for operating a Ponzi scheme that bilked investors out of nearly $1 million. Daniel M. Bull, 28, had previously pled guilty to a single count of mail fraud, which carries a maximum prison sentence of 20 years.
Bull operated Venture Advisors LP, and from November 2009 to February 2011, made representations that he had been quite successful in the sale of three businesses. On the basis of this track record, fifteen investors entrusted nearly $1 million to Bull to invest in tax-free municipal bonds. To convince investors of the legitimacy of his operation, Bull made nearly $300,000 in purported interest payments to investors. However, rather than invest in municipal bonds, Bull instead attempted to start a new business, and suffered a near-total loss.
United States District Judge David S. Cercone also sentenced Bull to pay $481,341 in restitution to defrauded investors, along with community service and supervised release following the completion of his sentence.