UPDATE: Sentencing For Legisi Pitchman Matthew John Gagnon Now Set For June 18

Matthew J. Gagnon

Matthew J. Gagnon

Sentencing for Legisi HYIP Ponzi scheme pitchman Matthew John Gagnon has been rescheduled for June 18. Gagnon initially was scheduled to be sentenced yesterday, federal prosecutors said earlier this month.

Gagnon pleaded guilty to not disclosing he’d been paid more than $1 million by Legisi and operator Gregory N. McKnight to tout the “program” online. McKnight is scheduled to be sentenced Aug. 6, federal prosecutors said.

Legisi, a Ponzi-forum darling, collapsed in 2008. It triggered a civil probe by the SEC and a criminal investigation by the U.S. Secret Service. Michigan securities regulators also were involved in the probe.

Other recent Ponzi-board “programs” that became the subjects of major investigations include Pathway To Prosperity, Imperia Invest IBC, AdSurfDaily, Zeek Rewards and Profitable Sunrise. All of the “programs” claimed absurd rates of return.

The name of MoneyMakerGroup, a forum listed in U.S. court filings as a place from which Ponzi schemes are promoted, appears in an evidence exhibit in the Legisi case. Also included in the exhibit is Legisi’s bizarre Terms of Service, which required investors to avow they were not an “informant” for government agencies such as the CIA, FBI, SEC, “Her Majesty’s Police,” the Intelligence Services of Great Britain and the Serious Fraud Office, among others.

Like McKnight, Gagnon also faces millions of dollars in civil judgments for hawking the Legisi scheme.

In a plea agreement in the criminal case, Gagnon admitted he’d caused more than $7 million in losses to more than 50 Legisi investors.

Delays in sentencing dates may be due in part to the difficulty the court-appointed receiver in the Legisi case has encountered in deposing a potential Legisi witness jailed in Alabama in a second scam.

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