From South Carolina News

SUMTER, SC — A Florida male who pleaded guilty in May to shop-lifting a Sumter industrial construction company’s arch executive officer out of $500,000 has been condemned to some-more than 5 years in sovereign prison.

Paul D. Pomfret, 49, before of Palm Beach, Fla., was condemned to 63 months in sovereign jail and systematic to compensate $1,631,090 to several victims, including a Sumter male identified only by his initials in justice documents.

U.S. Attorney Bill Nettles announced in a recover on Friday that Pomfret met a CEO during a 2010 outing to a Cayman Islands, where a suspect pitched his PDP Capital Investments in Palm Beach as a sidestep“fund of funds.”

A sidestep comment of supports starts with a singular investment from an particular into a singular sidestep fund; that income afterwards buys into mixed supports overseen by opposite managers. Pomfret told a Sumter businessman and others that his comment invested in about 20 such sidestep supports via a world.

According to a complaint filed by a sovereign authorities in Nov 2012, Pomfret twice sent comment statements to a Sumter male indicating certain earnings on his investment, though statements in early 2011 indicated a detriment for late 2010.

“Further association indicated (the victim’s) investment was being created down and claimed (the offshore funds) were being closed, a complaint reads. “(The victim) demanded a reinstate of a balance.

Nettles pronounced Pomfret never invested a man’s money, though rather used it to compensate off dual prior investors in an arrangement famous as a Ponzi scheme. Named after famous criminal artist Carlo Charles Ponzi — who betrothed his victims a 50 percent distinction on their investments within 45 days and 100 percent in 90 days such an intrigue uses newly invested supports to compensate off prior investors.

Pomfret was charged with handle fraud, his complaint says, since he did means to be transmitted in widespread commerce by means of a handle communication from (the victim’s) bank comment … in South Carolina to (an account) in Florida underneath (Pomfret’s control).

Pomfret primarily faced adult to 20 years in jail for an offense, according to his defence agreement.

Nettles pronounced in a recover that other victims are accounted for in a full compensation amount.

(The whole restitution) resulted from other people who fell plant to identical promises (made by Pomfret), he said.

For more on this story go to:

http://www.scnewsfeed.com/sumter/after-500k-swindle-of-sumter-man-a-guilty-plea-and-prison-time/