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Newburgh Man Guilty in Million Dollar Ponzi Scheme
A Newburgh man accused of bilking clients out of more than 1 million dollars pleads guilty.
Lynn Simon has agreed to plead guilty to several counts of securities fraud. In return he will serve 2 years in prison and 8 years on work release. Also, he wil have to return the money he stole.
Sentencing is set for October 13th in Vanderburgh Circuit Court.
Prosecutors claim Simon promised people a high rate of return if they invested in his company, but he never delivered on the promise.
Authorities caught up with Simon in New Mexico in September of last year.