Jail for $5.4m Ponzi

Shane Richard Scott has been sentenced to four years, eight months’ imprisonment for operating a Ponzi scheme that caught out friends and investors.

He pleaded guilty in September.

Scott had some friends and associates who invested with him over a number of years and some who were relatively short-term. The long-term investors believed he had been working on various overseas investments. The short-term investors believed they would receive high returns in relation to property developments and exporting/importing deals.

The total of Scott’s offending was about $5.4 million.