Another 'Mini-Madoff' Swindler Sentenced In Georgia

Another 'Mini-Madoff' Swindler Sentenced In Georgia - 8/21/2009 , Class Action News, Class Action, Securities News, shareholder class action, claim, litigation, securities action, common stock'>

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Another 'Mini-Madoff' Swindler Sentenced In Georgia
Staff Writer

Associated Press. August 21, 2009
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EXCERPT: The outpouring of anger against Robert P. Copeland was relentless from the graying group of retirees who had been swindled out of their life savings. Some had lost thousands of dollars investing with the Marietta attorney. Others were taken for more than $1 million by the 47-year-old fraudster who was sentenced Thursday to more than 10 years in prison. All of them wanted to offer him their two cents. "I prayed for forgiveness in my heart. But I'm having a hard time finding it," said Scott Williams, a retired oil worker who was bilked out of about $500,000. "I hope that each and every moment you spend in incarceration is more miserable." Copeland is the latest in a string of "mini-Madoffs" nabbed by authorities. Since 2007, FBI investigators in Georgia alone have helped secure prosecutions of Copeland and seven other smaller-scale crooks who have bilked investors of more than $277 million. The losses may pale in comparison to the higher-dollar schemes perpetuated by the likes of Bernard Madoff, who is serving 150 years in prison for defrauding investors of billions of dollars. But that doesn't make them hurt any less for the infuriated victims. They vented at Copeland's sentencing hearing. "I planned for my future, my retirement. You planned a different route for me," said Rebecca Tolbert, 54, who invested her $220,000 retirement fund with Copeland. "What do I do now Bob? You ruined my future." Investigators say the recent spate of prosecutions could be linked with the sour economy, as investors hit by tough times are lured by the promise of high returns and low risks. They also say it's a reminder that investors should take precautions such as making sure money managers are registered with the Securities and Exchange Commission.

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