homeWelcome, sign in or click here to subscribe.login
     


 

 

Business


Subscriber content preview

October 26, 2016

Guilty plea in $2B pyramid scheme

WORCESTER, Mass. (AP) — The president of a Massachusetts-based internet telecom company that prosecutors say was actually a pyramid scheme that cheated about 965,000 people worldwide out of nearly $1.8 billion has pleaded guilty to wire fraud and conspiracy.

James Merrill entered the pleas Monday in federal court in a deal with prosecutors that will limit him to a maximum of 10 years in prison at sentencing Feb. 2.


 
. . .


To read this story in full login or purchase a subscription.




Email or user name:
Password:
 
Forgot password? Click here.