Con man who defrauded over 200 people in $24.5M Ponzi scheme sentenced to 18 years

Con man who defrauded over 200 people in $24.5M Ponzi scheme sentenced to 18 years

A man was sentenced to 18 years in jail in New York for running a $24.5 million Ponzi scheme in which he defrauded over 200 victims in sham loan programs and used the money to fund a lifestyle of luxury goods and lavish hotel stays — while some of his bankrupt victims struggled to pay for chemotherapy.

Leader of International Ponzi Scheme Targeting Indonesian-American

Earlier today, at a federal courthouse in Brooklyn, Francius Marganda was sentenced by United States District Judge Dora L. Irizarry to 18 years’ imprisonment for running a $24.5 million Ponzi scheme that defrauded hundreds of predominantly Indonesian and Indo-American victim investors. Marganda, an Indonesian national, led the scheme until it unraveled in 2021 and he fled the