WexTrust Co-Founder Byers Sentenced to More Than 13 Years

WexTrust Capital LLC’s co-founder Steven Byers was sentenced to 13 years and four months in prison for operating a Ponzi scheme that authorities said defrauded investors of about $255 million.

“I get the sense that Mr. Byer was not taking the money from investors and putting it in his own pocket but taking money to cover other investors,” U.S. Circuit Judge Denny Chin in New York said today.