Federal prosecutors are seeking a sentence of nearly 22 years for convicted Ponzi schemer Beau Diamond.
Justifying the stiff proposed sentence, prosecutors Tuesday cited the $37 million that Diamond stole, the fact that Diamond used a “sophisticated means” to bilk his victims and that he betrayed his victims even as he knew his scheme was collapsing.
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Both the father,Diet guru Harvey Diamond, who wrote “Fit for Life”, and Beau Diamond his 31-year-old son are in the hot seat over a foreign currency futures trading program that took in roughly $38 million and spun out huge monthly dividends for at least a year and a half before going suddenly — and totally — broke in January. The 31-year-old’s explanation is that his high-risk Forex play simply capsized in a turbulent world market while more than 200 investors lost their savings.
In their filing in federal district court, U.S. attorneys cited the examples of Linda and Randy Sprague, who were among the 200 victims of Diamond Ventures. The Spragues were battling severe multiple sclerosis and cancer, respectively, and lived on proceeds from Diamond’s investment club.
And I say, may he get as much as possible. People like him and like Trevor Cook not only scam people out of all their hard earned savings but also give our market the really bad name it has out there.