Josh Schuster sentenced to 4 years federal prison for $13M Ponzi scheme

Josh Schuster has been sentenced to four years in federal prison for orchestrating a $13 million Ponzi scheme. The disgraced developer was also ordered to three years of supervised release on top of the prison stint, U.S. District Judge Valerie E. Caproni issued in a Tuesday hearing in the Southern District of New York.  “The issue with fraudsters is that it’s really hard to know whether you’re being sincere,” Caproni said, referring to Schuster’s plea for mercy. Schuster, 42, told Caproni that his life had spiraled out of control due to drugs and alcohol, but that he has been sober […]

This article originally appeared on The Real Deal. Click here to read the full story.