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NJ Man Sentenced in Ponzi Scheme

A New Jersey man has been sentenced to more than eight years in prison after he admitted to defrauding victims of millions of dollars in a Ponzi scheme.

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Mark Wilson, Getty Images

U.S. Attorney Paul Fishman says George Sepero claimed to run New Jersey-based hedge funds using a secret computer program to invest in foreign currency. Fishman says the 40-year-old Glen Rock resident defrauded victims of millions of dollars and conned an elderly, disabled woman out of her life savings. Fishman says Sepero also evaded his tax obligations.

Sepero previously pleaded guilty to tax evasion and fraud-related charges. He was sentenced Friday in federal court in Camden.

Fishman says Sepero has been in federal custody since July 16, 2012, after he violated the conditions of his supervised release through a continuing pattern of fraud.

(Copyright 2013 The Associated Press. All Rights Reserved.)

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