Ponzi scheme mastermind pleads guilty to swindling more than $4M

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A man accused of defrauding investors of more than $4 million in a Ponzi scheme pleaded guilty just before Christmas. Quintin Earl Sponagle, 51, will be sentenced on one count of fraud over $5,000. He was extradited from Panama to face the charge.

Scheme victimized 179 people

The former general manager and principal of Jabez Financial Services Inc., he was arrested in Panama in April 2013. Sponagle, originally from Truro, was extradited from Panama in November 2014, eight years after fleeing. His scheme victimized 179 people, according to authorities. He originally faced three counts of fraud over $5,000 and one count of theft over $5,000, but ended up being convicted of just the one count.
Read more at The Chronicle Herald.

This article is summarized by Canadian Fraud News Inc.