Fifty-seven-year-old Robert Narvett of Appleton received a 15-year sentence for a Ponzi scheme. The case was carried out in federal court, WBAY reported.
He will have to pay fines and will be under supervised release for three years after leaving prison.
“The sentence imposed in this case reflects the devastating impact that white-collar crime can have on individual victims and our entire community,” attorney Robert Frohling said, according to WBAY.
News reports detailed the specifics of the crimes committed.
“Narvett defrauded nearly 70 victims, including family, friends and neighbors,” WBAY reported. “The $2 million scheme ran for a decade. Victims spoke at sentencing, saying Narvett ruined their lives.”
Official statements went into more detail.
“Many described ruined credit scores, inability to afford basic life necessities and having to re-enter the workforce after retiring,” a statement from the Eastern District of Wisconsin said.
Other news reports went into the reactions of the victims.
“One victim told Judge William C. Griesbach that Narvett’s fraud made her a ‘prisoner of my life,'” WBAY reported. “Judge Griesbach said the crimes had the “earmarks of violent crime” because of the way it impacted Narvett’s victims. Narvett is also facing civil action brought by the Commodities Futures Trading Commission.”
Law enforcement officials were disgusted by the crimes.
“The fraud committed by a trusted friend, family member and neighbor for personal gain was devastating and negatively impacted our community members,” FBI agent Michael Hensle said, according to WBAY. “The FBI continues to work with our partners at the United States Attorney’s Office to ensure perpetrators of financial fraud are investigated and brought to face justice.”
