Neal Goyal, 34, an investment manager has been sentenced to 6 years in prison for fraudulently obtaining millions of dollars from investors through a Ponzi scheme, to fund his extravagant lifestyle. He has also been ordered to pay over $9 million in penalties.
The Assistant US Attorney on the case said there is no justification for the crimes Goyal committed other than his own self interest.
From 2006 to 2014 Goyal continued the scheme by setting up a fake trading shop in Chicago to fool his investors into believing his trading strategy generated market beating returns. He concealed his scheme by using existing investor money to repay investors and by creating and distributing false account statements.
Many of Goyal’s victims were his friends and family members.