Arnett L. Waters, former CEO of a financial firm based in Braintree, was sentenced last week to 17 years in federal prison for orchestrating a Ponzi scheme through his securities company that defrauded customers out of millions of dollars.
After pleading guilty last fall to criminal contempt, securities fraud, mail fraud, money laundering and obstruction of justice, United States District Judge Denise J. Casper last Thursday sentenced Waters, 63, to the prison term plus three years of supervised release, as well as restitution and forfeiture in the amounts of over $9 million.
“The personal nature of this fraud, the effort and calculation necessary to carry it out, and the defendant’s utter disregard for his victims and the law, makes this one of the most serious white collar cases in Massachusetts in recent memory," U.S. Attorney Carmen M. Ortiz said in a statement.
"This crime, while not violent, had a profound and direct impact on the lives of victims who lost life savings, retirement money, funds for college educations, and funds meant for the benefit of the defendant’s own church.”
For more information on Waters' charges and the details surrounding his scheme, see these previous Braintree Patch articles:
– Dec. 5, 2012
$7.8 Million Coin Scheme Among New Charges Hitting Braintree CEO – Oct. 22, 2012
Head of Braintree Financial Firm Allegedly Defies Federal Asset Freeze – Oct. 5, 2012
– May 3, 2012