S. Jersey Ponzi schemer ordered to pay victims $5.2 mil

Convicted con man Glyn Richards, dubbed by some as the Bernie Madoff of South Jersey, was ordered this morning to pay over $5.2 million in restitution to victims of his Ponzi scheme.

But whether any of those victims ever see any cash remains problemantic.

Richards, who is serving a 30-year sentence imposed earlier this year, showed little emotion as U.S. District Court Judge Renee Marie Bumb approved the restitution order based on an assessment of the victims of a scheme Richards set in motion four years ago.

Richards, 45, formerly of Haddon Heights, enticed investors by claiming to have defense contracts to ship military equipment overseas.

The restitution order listed 61 victims by their initials. Their assessed losses ranged from $477 to $1.6 million. None of the victims attended the hearing in federal court in Camden.

Richards took part in the session via a video conference call from a federal prison where he is serving his sentence.

The total restitution amount was set at $5,237,758.

Richards' lawyer, John Renner, said he knew of no assets that his client had access to. Among other things, the judge told Richards to enroll in a prison restitution system that would deduct $25 every three months from any wages he earned.

At that rate, it would take 52,377 years to make restitution.