A California man who ran a $1.4 million Ponzi scheme from behind bars while serving time on another fraud conviction was sentenced Tuesday to eight additional years in federal prison, announced U.S. Attorney for the Northern District of Texas Chad E. Meacham.
Michael David Carroll, 46, of Long Beach CA, pleaded guilty in November 2021 to wire fraud. He was sentenced yesterday by U.S. District Judge David C. Godbey, who also ordered him to pay $1,346,499.90 in restitution to his victims.
“This defendant had the audacity to mount a million dollar Ponzi scheme while serving time for a prior fraud. But for a second time, his avarice caught up with him: A federal judge more than doubled his sentence,” said U.S. Attorney Chad Meacham. “The U.S. Attorney’s Office and the FBI are determined to hold accountable those who defraud honest investors.”
“The defendant deceived dozens of investors to preserve his complex financial scheme and fund a lavish lifestyle. Many Ponzi scheme victims do not recover their investment and are often left financially devastated,” said FBI Dallas Special Agent in Charge Matthew DeSarno. “The FBI will continue working with our partners to hold individuals accountable for defrauding investors and robbing them of their livelihood. We encourage the public to thoroughly research investment opportunities and to report any potential fraud to the FBI’s Internet Crime Complaint Center at ic3.gov.”
According to court documents, in…
