Ponzi Schemer to Spend Eight Years in Slammer
MINNEAPOLIS—Gerard Cellette Jr., the confessed Ponzi schemer who took the unusual tact of going into custody a year ago to begin his sentence, was sentenced to eight years in prison for bilking investors out of $53 million. Cellette had pleaded guilty to 36 counts of securities fraud in a scam linked to phony printing contracts for his printing business, the Minneapolis Star Tribune reported.
Cellette, owner of Minnesota Print Services, also faces a civil lawsuit from investors seeking to get their money back. He reportedly promised investors returns of 10-12 percent within a couple of months. Cellette allegedly enticed more than 100 investors from Minnesota, California, Georgia and Illinois between 2005 and 2009.
As for the civil suit, all but $8 million of the $53 million in investors’ money had been recouped, according to the paper.