The ponzi fraudster who’d agreed to pay back $1.1 million in exchange for less prison time didn’t pay a penny of restitution, his lawyer admitted at his sentencing in a Manhattan court today.
“What’s clear is he isn’t going to get 2 to 6 years,” said Manhattan Supreme Court Judge Charles Solomon. “He didn’t pay back one cent.”
Prosecutors are now recommending a 5-to-15 year sentence for Steven Bingaman, who had the past 11 months to raise the promised cash while living in his fancy Bedford, New York home – partially paid for by the 14 pals he defrauded out of nearly $2 million.
Several victims read statements asking the court to impose the maximum sentence on the 57 year old. Garrett Krause, 46, angrily told the judge of how Bingaman scammed him out of more than $200,000.
“The devastation and impact of Mr Bingaman’s actions on my family in the last four years – during some very difficult economic times – I can’t put into words,” he said.
The judge decided to delay announcing the heftier prison term until Monday afternoon and ordered the crook remanded to Rikers as his wife and son looked on.