PHILADELPHIA AP - A gym owner-turned-investment fund manager was sentenced Tuesday to 15 years in prison for running a Ponzi scheme that left investors short $35 million once the fraud unraveled.Joseph Forte, 53, of Broomall tried to boost his social status by accumulating wealth and pledging large gifts to private schools and charities in the Philadelphia area, both sides agree.
November 25, 2009 at 12:00 AM
1 minute read
PHILADELPHIA AP – A gym owner-turned-investment fund manager was sentenced Tuesday to 15 years in prison for running a Ponzi scheme that left investors short $35 million once the fraud unraveled.
Joseph Forte, 53, of Broomall tried to boost his social status by accumulating wealth and pledging large gifts to private schools and charities in the Philadelphia area, both sides agree. He also spent the investments on a beach house, powerboat and private school tuition for his children.
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