SANTA ANA, Calif., July 1 (UPI) -- A Las Vegas man was sentenced to 15 years in prison Tuesday for running a Ponzi scheme that swindled victims out of an estimated $20 million.
Jerry Womack was sentenced in Orange County, California on federal fraud and money-laundering charges filed after his scam that collapsed in 1999 when the money from new investors dried up.
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The U.S. Attorney's office said Womack told about 400 victims he was making big money in the stock market with his "Womack Dow Principle" stock-trading method. In reality, Womack did little actual trading and lost money when he did.
Womack actually kept most of the money invested, spending it on a yacht, cars, jewelry and plastic surgery, and bankrolling an X-rated Web site.
