Man Sentenced to Five Years for Role in Ponzi Scheme

Man sentenced to prison after stealing $8.5 million from Ohioans in sports betting Ponzi scheme

**Related Video Above: What is bankruptcy? CLEVELAND (WJW) – A man who admitted to running a Ponzi scheme and taking millions of dollars from Ohio investors has been sentenced to prison, the Department of Justice announced Friday. Matthew Turnipseede, 51, was sentenced to about five years in prison (65 months) and ordered to pay a restitution of over $4.7 million after pleading guilty to wire fraud in November, according to a press statement fro…

Man sentenced to five years for role in Ponzi scheme

He pleaded guilty last November to four counts of wire fraud.