Boston’s Nathanial Ponn, 28, has been handed a 15-month sentence after being convicted of an elaborate $8.5 million wire fraud scheme that targeted U.S. brokerage firms.
Ponn, who operated from 2012 to April 2015, opened over 400 fraudulent brokerage accounts using false identities and details. He then attempted more than $8.5 million in ACH transfers, leading to the purchase of securities worth over $2.7 million before his scheme was uncovered.
Despite being rejected, these fraudulent transfers created a false impression of cash availability in the affected accounts, enabling Ponn to buy securities and even attempt to obtain checks totaling approximately $250,000 from the firms. The scheme came to light when brokerage firms liquidated Ponn’s accounts upon discovering the ACH transfers were invalid.
Ponn pleaded guilty to three counts of wire fraud last December, resulting in the sentence imposed by U.S. District Court Judge Allison D. Burroughs. In addition to his prison term, he has been ordered to pay $20,738 in restitution.
The prosecution was led by Assistant U.S. Attorney Mark J. Balthazard of the Economic Crimes Unit within the office of Acting United States Attorney William D. Weinreb. The Securities and Exchange Commission provided valuable assistance, filing a civil action against Ponn prior to his criminal charges.
Harold H. Shaw, Special Agent in Charge of the Federal Bureau of Investigation’s Boston Field Division, announced the sentence today, highlighting the collaborative effort between federal agencies in bringing Ponn to justice.
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Key Facts
- State: Massachusetts
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
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