"Foreclosure Investment" Ponzi Scheme Promoter Gets 12 Years In Federal Pen

The Atlanta Business Chronicle reports:

• U.S. District Judge Beverly B. Martin on Monday sentenced Atlantan Gene A. O'Neal, 36, to 12 years in jail for running a Ponzi scheme that defrauded investors out of more than $20 million. O'Neal's jail term will be followed by three years of supervised release. He will be liable for more than $20 million in restitution to the more than 1,000 victims of his fraud. O'Neal ran a scheme to defraud investors in Pinnacle Development Partners LLC, a purported real estate investment fund he founded and based in Atlanta.

For all the details, see Pinnacle Development Partners founder heading to jail.