Judge James Hiatt sentenced Gene Little on Monday for knowingly engaging in criminal conduct and deceiving dozens of local investors.

"This was not a negligent investment ... this was criminal conduct. It was a Ponzi scheme, and Mr. Little knew what he was doing."

A jury convicted Little of 35 counts of securities fraud and theft in August. Little faced up to 420 years prison if he had been given the maximum sentence, though Hiatt said his non-existent criminal record helped save him from a large sentence.

"He has lived a law-abiding life," Hiatt said.

Hiatt spoke of the $1.9 million proposed restitution set forth as likely impossible for Little to pay back because of his current financial status calling restitution "only a theory."

Little, often in tears, begged for forgiveness for his wrongdoings and asked the judge to grant him mercy so he could attempt to pay back his victims.

"With the years remaining in my life, I want to work toward becoming a good member of the community," Little said at his hearing, which also was his 62nd birthday.

Supporters and victims packed the courtroom for the 2½-hour hearing, some lining the back of the room. More supporters spoke on Little's behalf, however, than those asking for justice.

"He has always been a great giver to every person I have ever known," said Walter Roberson, a friend of Little's for 36 years. "He does care about the people that have lost their money."

Little's older brother, John Little, described him as a caring man with an "entrepreneurial spirit" who had fallen into misfortune.

"I believe that it is not in Gene's character to think in a fraudulent way. Gene, too, is a victim, having lost everything: his many friendships that he cherished, his home," John Little said.

Others, who had lost thousands of dollars did not see the side of Little that loved ones painted.

"For my wife and I who invested our entire IRA accounts, that means he sentences us to working until we are 65 to reinvest what money we lost," said Jim Skog, an investor.

Be first to comment this article

Powered by AkoComment Tweaked Special Edition v.1.4.6
AkoComment © Copyright 2004 by Arthur Konze - www.mamboportal.com
All right reserved