Sacto 9-1-1
August 30, 2013
Ask Sacto 911 crime Q&A: Has man who pleaded guilty in Ponzi scheme been sentenced?

Bee reporters answer questions about area crime news, trends and other issues.

QUESTION: Defendant Garry Bradford pleaded guilty to a Ponzi scheme charge. Sentencing was scheduled to take place in April 2013. It was postponed. What is the status of this case?
Submitted by: George, Truckee

ANSWER: More than two years after pleading guilty in U.S. District Court in Sacramento to four counts of federal wire fraud, Garry Bradford has yet to be sentenced.

Sentencing has been postponed several times since a plea agreement was announced in August 2011. It initially was set for April 6, 2012. According to online court records, Bradford is scheduled to be sentenced Feb. 28, 2014.

Bradford was president of a local "investment club" that took in $2.2 million from local investors between 2004 and 2008 to purchase land and local commercial buildings, according to federal prosecutors.

The club, dubbed the Millenium Capital Club, promised returns of about 18 percent to investors. But prosecutors said Bradford later admitted that he used money he solicited from new investors to pay "bogus returns" to older investors.

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