By Tony Hanson
PHILADELPHIA (CBS) — A 67-year-old Arizona man was sentenced today in Philadelphia to 18 years in prison for an unscrupulous fraud that cheated about 1,900 victims — including a self-described “mother on a mission” who lost money for a legacy project for her late daughter.
The defendants admitted they cheated investors looking for capital — taking upfront fees but not providing the financing (see previous story).
The victims — across the nation and around the world — lost a total of at least $26 million. Among them is Ingrid Robinson, of San Francisco, a driving force in prompting this fraud probe.
She told the court during sentencing that defendant Andrew Bogdanoff, along with others, not only ripped her off but dismissed her and ridiculed her.
“I knew the money was gone,” Robinson acknowledged after the sentencing. “I did this because I was honoring my daughter. No one will ever accuse me of not loving my daughter enough. I wanted to create something lasting and beautiful to honor her, and these guys made it all ugly and dirty by lying and stealing my dreams from me.”
Bogdanoff blamed greed and arrogance.