Lehigh Valley

Man sentenced in Ponzi scheme gets a small break on his IOU

Man sentenced in Ponzi scheme gets a small break on his IOU

A former bank president from Northampton County who admitted to ripping off dozens of customers in a Ponzi scheme has gotten a small break on his IOU.

Richard Freer pleaded guilty in the case earlier this month and was sentenced to 12 to 30 years behind bars.

It was estimated that he stole more than $10 million.

That figure has now been downgraded to 47.75 million based on payments Freer made to his victims while the scheme was unfolding.


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