KANSAS CITY – A Leawood attorney was sentenced three years in federal prison and fined more than $34 million in restitution for his role in a Ponzi scheme, the Kansas City Business Journal reports.
James Scott Brown, 67, was accused of helping to raise almost $53 million from investors between 2000 and and 2010 for a real estate scheme. Under the British Lending Program, investors thought they were loaning money to real estate projects in England. Instead, Brown and his co-conspirators snatched the money for themselves or used it to pay debts.
Brown pleaded guilty in September to participating in a conspiracy to commit wire and mail fraud. One of Brown’s co-defendants, Martin Sigillito, 63, of Webster Groves, Mo., was an ordained priest and bishop in an American Anglican Convocation church.