Port Orchard Man Gets 30 Years in Prison for Ponzi SchemeMarch 20th, 2009 by josh farley
Charles Nolon Bush, 69, was sentenced in federal court today to 30 years in prison for bilking investors out of $35 million. He also will have to bay $30 million in restitution.
Bush took the money, promising high-yield investments, but only invested a third of the money. He used the rest of it to fund a lavish lifestyle that included a home with a golfing green in Port Orchard. He also used the money to pay previous investors in a Ponzi scheme.
One victim from Gig Harbor Gig Harbor stated during sentencing in U.S. District Court in Tacoma, “everything you’ve ever done is a lie” and wished a 300-year term upon him.
After sentencing, Bush told the court, “I do plan on appealing … I am sickened over the pain I’ve caused people.” But he says he didn’t do anything “criminally.”
We’ll have more on the sentencing this evening.
- Angela Dice (filling in while Josh drives back from Tacoma to write the story)