A food-snacks distributor is going to federal prison for the next three and a half years for running what prosecutors described as a $2.7 million Ponzi scheme on several elders.
U.S. District Judge Harry “Sandy” Mattice on Monday sentenced Richard Alan Bazzell to 42 months behind bars and said he needs to undergo mental health counseling and pay back about $2.5 million to 22 victims, including a longtime manager in the Hamilton County mayor’s office.
U.S. District Judge Harry S. “Sandy” MatticeAfter listening to several bilked victims testify about his deceit, Bazzell apologized to them and said he planned to pay them back, even though his attorney said the failed venture basically left him bankrupt.
“First, I’d like to reiterate how very sorry I am, that I put you guys in this situation,” Bazzell said. “I was trying to keep the business going so I could pay everybody back.”
Starting in 2010, prosecutors said, Bazzell convinced several people to invest in his parent company, Prosperitas Capital LLC, as he attempted to grow a side project known as TrailSteaks. According to federal prosecutors, Bazzell promised an 8 percent return on their investments and sometimes used U.S. Mail to send information and get people involved.