Con Man Who Stole $2 Million Gets 7-Year Term |
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September 06, 2003 – In the end, Lawrence Barsi stole about $2 million from nearly 80 victims, prosecutors said. He bilked money from an elderly uncle and a blind aunt. He scammed from a childhood pal and even bilked the woman who sent him Christmas cookies every year.
The 49-year-old apologized when he was sentenced Thursday to more than seven years in prison.
"I'm sorry, I really am," Barsi said in federal court. "If you can't forgive me, I understand. But I'm really sorry."
But the crowd of victims in the courtroom seemed immune to his apology.
Some rolled their eyes. Others sighed or clucked their tongues. Sorry didn't cut it, said U.S. District Judge Joan Lefkow, who reminded him of "the kind of devastation he visited upon" people who loved and trusted him.
At least 12 of his victims were more than 70 years old, court records show.
For about 20 years, he ran investment funds and traded stocks for clients, including relatives and buddies who grew up with him on the North Side of Chicago.
Unlike other Ponzi schemes, Barsi didn't promise huge returns, only 10 percent a year.
In the scheme, he took money from new investors, kept some for himself and used part to pay off earlier investors and keep the scam running.
(Associated Press)
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