BULLETIN: U.S. Man Extradited From Argentina Sentenced To 40 Years In Jail; William L. Walters Will Serve His Time In Colorado State Penitentiary

William L. Waters: Charged by state prosecutors in Colorado, extradited from Argentina by the FBI, prosecuted in Douglas County District Court -- and sentenced to 40 years in state prison.

BULLETIN: A Ponzi schemer who fled the United States and was extradited from Argentina has been sentenced to 40 years in state prison, Colorado Attorney General John Suthers announced.

William L. Walters, 46, was brought back to the United States by the FBI, which worked closely with Colorado authorities to bring him to justice, officials said.

“This sentence underlines our commitment to vigorously pursue and prosecute cases of financial fraud that victimize Coloradans,” Suthers said. “Our thanks to the FBI for helping us to ensure that justice delayed did not result in justice denied for Mr. Walters’ victims.”

Walters was caught after the FBI “tracked” him and INTERPOL “flagged” his passport, investigators said. An Argentinean court approved Walters’ extradition last year.

Victims of the scheme, which gathered $23 million, hailed from nine U.S. states.

The Walters’ case destroyed a common myth that “offshore” landing spots shelter Ponzi schemers from prosecution. The Colorado Division of Securities assisted in the probe.

Walters also was ordered to pay $9.5 million in restitution. His next landing spot is the Colorado Department of Corrections.

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2 Responses to “BULLETIN: U.S. Man Extradited From Argentina Sentenced To 40 Years In Jail; William L. Walters Will Serve His Time In Colorado State Penitentiary”

  1. The SEC litigation release from 2009:
    http://www.sec.gov/litigation/litreleases/2009/lr20904.htm

    And the May 2007 indictment:
    http://www.coloradoattorneygeneral.gov/sites/default/files/press_releases/2010/08/30/william_walters_indictment.pdf

    Also:
    http://www.denverpost.com/news/ci_11758231

    Ron and Karol Tutton of Lone Tree are victims of an alleged Ponzi scheme that stretches from Douglas County to Argentina. They say they lost $400,000 when their neighbor, William L. Walters, left town in August 2006 without repaying money investors had given Walters to invest in his day-trading business.

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  2. It’s great that this guy was caught and he is going to 40 years (bet he gets out sooner), but how do they collect restitution from this guy? He scammed 23 million and has to pay back 9, how do the courts decide how much each victim will get back? Do they get any of it, and does that take months, or years for the court to decide? Just wondering.

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