A Newark man has been sentenced to 21 years in prison for his role in a Ponzi scheme that defrauded victims of more than 40 million dollars. The U.S. Attorney's Office says 50-year-old Jonathan Davey is the last of 11 defendants to be punished in the so-called Black Diamond scheme. Prosecutors say Davey took more than 11 million dollars with his own hedge fund by falsely claiming he had found Black Diamond Capital Solutions to be legitimate. Court documents also say he funneled client money to an offshore shell company in Belize that he later used to build a mansion in Ohio.
Newark Man Sentenced For Role In Ponzi Scheme
