Securities Fraud and Ponzi Schemer Sentenced to 4-to-12 Years in Prison

Press Release

On July 1, 2013, Steven Bingaman was sentenced to 4-to-12 years in state prison for stealing nearly $2 million from 18 victims of a securities fraud and Ponzi scheme. On July 27, 2012, Bingaman pleaded guilty to Grand Larceny, Money Laundering, Securities Fraud, and other related crimes. Instead of safely investing his victims’ money, as falsely promised, Bingaman used the funds to pay for personal expenses, and in some cases, to pay back victims who had previously been defrauded.