James Koenig to spend 42 years, eight months behind bars for operating Ponzi scheme
Updated On: Jul 26 2013 08:21:12 PM CDT
The final of three defendants convicted of operating a Ponzi scheme that bilked investors out of hundreds of millions of dollars was sentenced on Friday in Shasta County.
James Koenig was arrested in 2009 along with two other people. The two other participants both took plea deals and are doing 10-year prison sentences while Koenig gambled on a jury trial and lost.
Individuals who were named in the complaint were allowed to give impact statements in court on Friday.
They shared how the Ponzi scheme impacted them and asked for justice. Many of them testified that they had lost all of their hard earned money.
Lunn Raadik was one of the victims. She said and her husband lost a million dollars.
"I hope justice... for us, for our families. I think most of these people have raised hardworking honest children as we, where it took 45 years to save money that went with Mr. Koenigs company,” said Raadik.
Koenig was sentenced to 42 years and 8 months behind bars. He will be eligible for parole.
An attempt by Koenig's defense attorney to get a new trial was denied.
Koenig was convicted of 35 felony counts including securities fraud and first-degree burglary.
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