Allentown
59° F
Clear
Clear
 

Man sentenced in Ponzi scheme gets a small break on his IOU

By 69 News, follow: @69news, news@wfmz.com
Published On: May 22 2014 04:07:17 PM CDT
Updated On: May 22 2014 05:27:41 PM CDT

A former bank president from Northampton County who admitted to ripping off dozens of customers in a Ponzi scheme has gotten a small break on his IOU.

A former bank president from Northampton County who admitted to ripping off dozens of customers in a Ponzi scheme has gotten a small break on his IOU.

Richard Freer pleaded guilty in the case earlier this month and was sentenced to 12 to 30 years behind bars.

It was estimated that he stole more than $10 million.

That figure has now been downgraded to 47.75 million based on payments Freer made to his victims while the scheme was unfolding.