Lorn Leitman, CPA and Attorney sentenced to 17 1/2 years in Federal Prison for a Ponzi Scheme!

Lorn Leitman, attorney and CPA, of Miami, Florida, to 210 months’ incarceration for his role in a 10-year Ponzi scheme. In an unusual decision, the court departed upward from a sentencing guideline range of 121-151 months, commenting, “this case is exceptional.”

A federal grand jury charged the defendant with violating the mail fraud statute for defrauding elderly victims and retirees, among others, through the operation of a Ponzi scheme which sought investments in either phantom residential mortgages or a separate venture burdening U.S. military personnel with predatory and usurious loans. The defendant pled guilty to one count of mail fraud on April 6, 2011 and faced a maximum possible sentence of imprisonment for 20 years. Several victims appeared in court to address the impact of the fraud. As one victim explained, losses from the Ponzi scheme forced the end of his retirement and his return to work. He commented, “my dreams are dead.”

The court explained that the decision to sentence above the guidelines resulted from the defendant’s conduct preying upon his closest friends, fellow servicemen, the elderly and retirees, and noted that the defendant breached codes of conduct applicable to members of the Florida Bar and certified public accountants. In addition to the enhanced sentence, the court ordered the defendant to pay $3,308,435.03 in restitution to victims.

OBSERVATION:

From personal and past experience in dealing with fraud and now fraud prevention, the most likely target of those scammed are folks who are close to the perpetrator.  Reality is, in this case, the time in prison will leave Leitman a changed man and the chance of seeing any restitution is slim.

If you were a victim of this crime, please take a moment and share how you were lured into Leitman’s trap.  Your comments may help others recognize and avoid a similar fate.

YOUR COMMENTS ARE WELCOME!

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2 Responses to Lorn Leitman, CPA and Attorney sentenced to 17 1/2 years in Federal Prison for a Ponzi Scheme!

  1. Mr Leitman says:

    As Lorn Leitmans brother I am at a loss for why he did this. I knew
    many of the victums and they did not deserve this. It goes deeper
    than he was charged with. Lorn does not believe he did anything
    wrong. I wonder if I ever really knew him. I like many others
    trusted Lorn completely.
    I

    • Joe says:

      i was in prison with Lorn and was one of his best friends while i was in there with him. lorn does realize what he did was wrong. we talked about it often. what he is really sad about, besides not being able to see his young children grow up, was how he was disowned by his family like you and your mother. people make mistakes. you have to stick by family no matter what. he is the only brother you will ever have. i was lucky because my family stuck by me through my ordeal. Lorn, not so much. Lorn is a great guy who made some mistakes. don’t disown your own brother because of this. he is not some monster. he is the only brother you will ever have….

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