A former Lebanon certified public accountant was sentenced to serve time in prison and pay restitution for a $12 million Ponzi scheme that defrauded dozens of victims.
Douglas Richardson, 47, was ordered to submit to more than 15 years in federal prison and pay $8.8 million to victims, according to a news release from the office of Teresa Moore, acting U.S. attorney for the Western District of Missouri.
Richardson in late 2019 was found guilty at trial of 10 counts in a federal indictment comprising six counts of wire fraud and four counts of money laundering.
A CPA until his license was revoked, Richardson was convicted of running a 10-year Ponzi scheme that included retirement savings taken from older adults, according to the release. He used the proceeds of the scheme on a $1 million home, vacations to Disney World and vehicle purchases, among other personal expenses.
Richardson owned Douglas A. Richardson, CPA LLC in Lebanon, and he previously served as chief financial officer for Tulsa, Oklahoma-based Smart Prong Technologies Inc. Richardson's scheme involved clients of both companies, according to Moore's office.
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