Joseph Randall Medcalf was sentenced Monday to six and a half years in federal prison for defrauding clients of more than $3.3 million. But for many of his victims, no time behind bars would have been long enough.
One by one, close to a dozen of the victims addressed U.S. District Judge Anthony W. Ishii -- many choking with emotion -- telling him how their lives have been changed for the worst since they entrusted Medcalf with their life savings.
Medcalf, 57, defrauded the clients between May 2002 and October 2007 by encouraging them to invest in bogus investment opportunities. He used money from later investors to pay earlier investors. Then, in 2008 he fled to Panama.