Ill. man gets 23 years for $77M Ponzi scheme

By Associated Press
Posted Sep. 15, 2010 at 10:26 p.m.

Tearful, angry victims of a $77 million Ponzi scheme that targeted hundreds of often working-class Italian-Americans crowded into a Chicago courtroom Thursday to tell their stories before a judge handed the convicted swindler a maximum 23-year prison term.

The federal judge rejected prosecutors’ recommendation of a 12 1/2 year sentence for Frank Castaldi — in part because he had reported the two-decade scam himself — saying that would let the 57-year-old accountant and businessman off too easy, given the lives he ruined.

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