S. Jersey man gets 30 years in Ponzi scheme

CAMDEN - A federal judge told a Haddon Heights man that his life as a con man could be stopped only by a lengthy prison term and handed him a 30-year sentence early this afternoon.

Glyn Richards, 45, operated a Ponzi scheme, pillaging money from family and friends and those who trusted his promises.

Richards told investors he had a government defense contract to ship military equipment overseas. He began collecting money from investors in May 2005, claiming he needed up-front cash to pay overseas agents and shipping lines.

He promised high returns on a typical 120-day contract and a $25,000 investment. What investors later learned was that All Freight Logistics was a bogus company created for an elaborate Ponzi scheme that allowed Richards to live a lavish lifestyle.

Prosecutors estimated that there are at least 62 victims scammed out of $5.8 million, including close members of Richards' family. A restitution hearing is scheduled for September.

"You didn't even care about your own family," said U.S. District Judge Renee Bumb as she spoke of Richards' wife and two young children, missing his father-in-law's funeral for a "business meeting," and stealing from grandparents.

Assistant U.S. Attorney Diana Carrig asked for a lengthy prison term consistent with a plea agreement prosecutors made with Richards last year when he pleaded guilty to mail fraud and money laundering.

Richards' attorney, John Renner, of Marlton, suggested Richards be given consideration for his cooperation with authorities, whom he met with twice detailing his operation.

The judge, however, exceeded the sentence prosecutors requested, noting that Richards violated several terms of release while out on $350,000 bond, including setting off a nationwide manhunt when he fled to Tampa, Fla., earlier this year.

Richards addressed the judge himself, telling her that "I just went off the deep end" when he fled to Florida.

He then apologized for his crimes to the judge and many victims who filled the courtroom for the three-hour proceeding.

"I have so much remorse," a sobbing Richards said, often stopping to compose himself.

The judge, however, said she believed his only remorse was that of a man who got caught, not someone showing empathy for the victims, some of whom are elderly and now working through retirement. Others invested savings for  their children's education.

"I looked up to him like a big brother," David DiPasquale told the judge, describing how his marriage is in constant turmoil as he and his wife struggle to support their two children, a 3-year-old and 6-month-old. "I'm heading down the road of bankruptcy."