By: Kyle James | 12-08-2017 | News
Photo credit: Seattle Times

Fugitive Convicted Of $100 Million Ponzi Scheme Escapes Prison

A dangerous criminal has escaped from a federal minimum-security work camp in California where he was serving a sentence for defrauding investors out of over $100 million dollars.

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<span style="margin-top:15px;rgba(42,51,6,0.7);font-size:12px;">Credit:</span>

Frederick Darren Berg, 55, walked out of U.S. Penitentiary Atwater Satellite Prison Camp on Wednesday where he was serving 18 years for one of the biggest Ponzi schemes in Washington's history. Berg was convicted in a Seattle federal court in 2012 to defrauding over 800 investors of over $100 million through several real estate investment funds.

Berg ran the funds for 10 years before being caught and ordered to pay more than $140 million in restitution. The money he stole from investors was used to fund his rich and famous lifestyle. He even owned several million-dollar properties in Washington and California, jets, and several yachts.

Emily Langlie, a spokeswoman for the U.S. Attorney’s Office in Seattle, said, "More than 800 victims suffered losses from Berg’s schemes – losing dreams of retirement, home ownership or educational opportunities for children and grandchildren. Darren Berg will be captured, held to account and returned to federal custody.

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Anonymous No. 13593 2017-12-08 : 16:48

He deserves the gallows.

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