Fund manager gets 15 years in prison for $35M scam

A Philadelphia-area fund manager has been sentenced to 15 years in prison for running a Ponzi scheme that cheated investors out of $35 million.

Federal prosecutors say 53-year-old Joseph Forte (FOR’-tay) of Broomall tried to boost his social status by accumulating wealth and pledging large charitable gifts. He also used the investments on a beach house and to raise his family.

Forte ran an investment fund from his basement and dummied up reports showing high returns from about 80 investors between 1995 and 2008. He pleaded guilty to fraud and money laundering.

Several victims testified Tuesday that Forte wiped out their life savings.

Forte’s lawyer says the former gym owner had delusions of grandeur and thought he could make his clients money.