A former broker who ran an $16 million medical debt scam on her elderly clients now faces the prospect of spending the rest of her life in prison.
Sandra Venetis let her FINRA registration lapse back in 1995, shortly before she started taking client money to make short-term loans to doctors waiting for reimbursement.
At least, that's what she told the clients, most of whom were older and less sophisticated. In reality, she simply kept recruiting new clients and used their money to pay off those who came into her Ponzi scheme earlier.
She just got sentenced to 14 years in jail and another 3 years of supervision if she makes it through that sentence.
She's already 60 years old.
Let's hope her clients get their money back -- reportedly she still owes them $11 million, but a lot of their money was spent on fancy trips and other luxuries.