Richard Monroe Harkless of Riverside, Calif., has been sentenced to 100 years in prison for operating a Ponzi scheme that fleeced investors of nearly $40 million. The 65-year-old man is on the receiving end of what is believed to be the longest sentence ever handed down for a financial crime in Southern California.
From 2000 to 2003, he collected more than $60 million from hundreds of investors, causing an eventual loss of roughly $40 million through a Ponzi scheme. His operation was fronted through an investment company known as MX Factors LLC.
Judge Phillips, who handed down the sentence, stated that because of his actions, Harkless had caused every kind of loss and grief imaginable. Further, he felt that if given the opportunity, Harkless would undoubtedly commit his crimes all over again.
Mr. Harkless was convicted in July of three counts of mail fraud, three counts of wire fraud and one count of money laundering. Instead of investing in a manner consistent with his stated objectives, Harkless used investor money to finance a Mexican crab-fishing business, pay personal expenses and fund overseas bank accounts.
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