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Ex-Trader Gets More Than Five Years in $20 Million Scheme

  • Plandome founder Rinfret used most of cash for himself
  • Prosecutors said Rinfret just wanted a more lavish lifestyle
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A former Wall Street trader was ordered to spend more than five years behind bars for raising about $20 million from investors and spending the money mostly on himself.

Paul A. Rinfret, 71, was sentenced Tuesday to 63 months in prison. He pleaded guilty in October to securities and wire fraud for scheming to defraud investors in an entity named Plandome Partners LP from 2016 to 2019.