Scott Farah, the man who stole our life savings and caused devastating, irreparable financial and emotional harm to almost five hundred people, pleaded guilty last week. A plea of "Not Guilty" would have been a joke, as the evidence was beyond overwhelming.
Apparently there's some equation for this type of white collar crime that determines the minimum and maximum sentence. We've heard the maximum sentence he could get is 19 1/2 years, the minimum 15. We received notification from the FBI that the Federal prosecutor is asking for leniency in his sentencing because Scott "cooperated" with them. If he gets the minimum, I'm told he could be out in 10 years. He's in his mid-forties, so he'll be in his mid-fifties when he gets out. Certainly young enough to start over - or to disappear to wherever our money is stashed to live the next thirty or so years in comfort. Either way he'll be better off than 99% of his victims.
This man seemed to target older people for his scam. At 59 and 60, my husband and I are among the youngest of his victims - and among the luckiest. Although our savings were wiped clean and the investment income suddenly gone, we are fortunate. Hubby was able to find a full-time job that is paying the bills and we have a beautiful home to sell. I'll cry like a baby when we pull out of the driveway for the last time, but at least we have it. This crook was able to convince many investors to take out equity lines on their homes and invest that money with him. Now, many older people, who were completely dependent on their investment income to survive, are destitute. These are people who worked hard their entire lives and were able to set aside a nest egg to insure a secure retirement. They are now in their 60's, 70's and 80's. Because of this man's arrogance, stupidity and greed, some have filed for bankruptcy and others have been forced to turn to the welfare system simply to survive.
Because Scott suddenly decided that honesty is the best policy - simply to save his own butt - he deserves a reduced sentence? In my opinion, the maximum sentence isn't nearly long enough.