No. of Recommendations: 13
Sorry, the wife got home and I forgot one part:
SNIP According to court filings, Bernegger and an associate raised hundreds of thousands of dollars from investors to bankroll a collection of companies in the food processing business. Among other ventures Bernegger touted was a company called We-Gel, which he claimed was capable of harnessing waste from catfish processing plants to produce an alternative form of gelatin – one that could be used widely in pharmaceuticals.
But there was a problem. The business partners “were never able to manufacture a sellable product”, according to charges brought by the justice department in a 2008 case before a US district court in Mississippi. A jury convicted Bernegger of mail fraud and bank fraud for his participation in the scheme.
Bernegger successfully appealed the initial amount of restitution down to $1.7m, from the approximately $2.2m initially ordered, but was unable to convince the courts to reduce his prison sentence of 70 months. SNIP
Yes. A most trustworthy person, eh Dope?
