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twitterEarthLink co-founder receives 14-year prison term
Wednesday, Sept. 3, 2003 | 11:11 a.m.
LOS ANGELES -- Investment manager Reed Slatkin was sentenced Tuesday to 14 years in federal prison for running a nearly $600 million Ponzi scheme that bilked hundreds of investors.
Slatkin, who was a co-founder of EarthLink Inc., also was ordered to pay victims $240 million in restitution, the amount for which he admitted personal responsibility.
The investment scam did not involve EarthLink.
Slatkin admitted giving investors statements that showed hefty returns, seeking to portray himself as an accomplished money manager. But prosecutors said Slatkin did not buy securities on behalf of his clients.
He paid some investors returns that were largely made up of funds raised from other investors, prosecutors said.
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