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Belleville man pleads guilty to $4.5 million Ponzi scheme
Wednesday, February 4, 2009 12:47 PM CST
A Belleville resident pleaded guilty in Missouri Tuesday to federal charges relating to a $4.5 million Ponzi scheme.
Scott Luster, 53, of Belleville, president of Rate Search Inc., in Clayton, Mo., pleaded guilty to fraud and tax charges involving his scheme to divert customer funds, U.S. Attorney Catherine L. Hanaway announced Tuesday.
In an appearance before U.S. District Judge E. Richard Webber, Luster pled guilty to one count each of mail fraud and filing a false tax return, both felonies, according to a press release by Hanaway's office.
He faces up to 20 years in prison and $250,000 fine for the mail fraud charge, and must also make restitution. The tax charge has a maximum penalty of three years in prison and fines up to $100,000.
Sentencing is set for April 21.
Connecticut Banks , Oakland Lawyers
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S.E.C. Report Details Lapses i
