MINNEAPOLIS (AP) -- A former money manager convicted in a Ponzi scheme is offering to pay victims $19 million in return for a lenient sentence.
Jason "Bo" Beckman is facing a possible life sentence on 15 fraud and money-laundering charges related to a $194 Ponzi scheme run by a business associate. The fraudulent investment scheme bilked more than 700 people, mostly retirees.
A memo filed Tuesday in federal court by Beckman's attorney, Douglas Altman, says Beckman would write a check for $19 million in exchange for a 364-day cap on incarceration, three years of probation and 2,000 hours of community service.
The Star Tribune (http://bit.ly/VC2G1g ) says federal prosecutors argue Beckman "must be locked up for the rest of his life because he is a very dangerous individual who is certain to hurt people if he is ever released."
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