Guest Harry Hope Posted July 14, 2007 Share Posted July 14, 2007 From The Associated Press, 7/13/07: http://www.forbes.com/feeds/ap/2007/07/13/ap3913087.html Ex-Candidate Sentenced for Ponzi Scheme By MATTHEW BROWN BILLINGS, Mont. - A former Montana gubernatorial candidate and investment adviser was sentenced Friday to 10 years in federal prison for his role in a Ponzi scheme authorities say bilked investors out of $6.8 million. Patrick Davison, 50, was also ordered to pay $5.6 million in restitution. He pleaded guilty in November to two counts of securities fraud. "I can't run from what I did. I can't run from the people I hurt. I have to stand and take my due," Davison told the judge. The scheme lasted almost eight years, from 1995 through March, 2003, according to court documents. Prosecutors said victims were tricked into investing in nonexistent securities. To string the investors along, Davison, a former financial adviser for UBS Financial Services, doled out interest payments while pocketing most of the money for his personal use, prosecutors said. Davison served on the Montana Board of Regents from 1993-2000. He ran for the Republican nomination for governor in 2004 but lost in a four-way primary. The sentence he was given Friday was the statutory maximum. U.S. District Court Judge Richard Cebull chastised Davison, saying: "You held yourself out as a pillar of the community all the time you were stealing money." _________________________________________________ Harry Quote Link to comment Share on other sites More sharing options...
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