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You are here: Home / News / Two plead guilty to scamming investors out of $52M, a third goes to trial

Two plead guilty to scamming investors out of $52M, a third goes to trial

September 19, 2011 By Jessica Machetta

Two men have pleaded guilty to being part of the biggest Ponzi scheme broken up in eastern Missouri. The Ponzi scheme took investors for $52 million. Both James Brown of Leawood, Kansas, and Derek Smith of Oxfordshire, England, could get five years in prison. They will be sentenced later.

The man considered the leader of the scheme, Martin Sigillito of Webster Groves, is headed to trial.

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