[UDPATED] Diamond Bar Ponzi Schemer Receives 13-year Sentence

Robert Tringham, 65, was sentenced to 13 years in federal prison this morning after a jury found him guilty of operating an international Ponzi scheme built on a web of false investments and promises.

Tringham, who purchased a $1.5 million home in The Country in Diamond Bar after duping clients, was also ordered to pay $8 million in restitution to the investors that he swindled.

Tringham was found guilty last Feburary at the U.S. District Court in Los Angeles of 10 federal fraud and tax charges.

Originally reported at 9:48 a.m.:

A Diamond Bar man is expected to be sentenced with 14 years in federal prison this morning after he was found guilty last February of operating a Ponzi scheme that deceived investors out of nearly $7 million dollars.

Robert Tringham, 65, lured investors internationally in a web of property deals, financial deals, and music ventures that never existed, according to prosecutors.

The British expatriate had disappeared from London after losing a lawsuit to American rock icon Bruce Springsteen, where the court ruled that Tringham should pay Springsteen $3 million in damages for illegally releasing two compact discs of Springsteen's music.

Tringham reappeared in connection with his 2009 arrest, after being named in an indictment returned by a federal jury.

"He gave all appearances of being the genteel retired banker he claimed to be," Assistant U.S. Attorney Joseph N. Akrotirianakis said at a previous hearing.

Tringham executed his Ponzi scheme by posing as the chief executive officer of First National Bancorp, attracting millions from investors to trade in bonds, according to court documents.

His clients received phony account statements that Tringham created on his computer and all of the investments went directly into his bank account, prosecutors argued.

The stolen funds afforded Tringham a $1.5 million home in The Country, a $100,000 piano, jewelry, and a $70,000 Land Rover, among other things, Akrotirinanakis said.

Tringham, who represented himself during last year's trial, told the jury that his investment operation was perfectly legitimate.

"I'm just saying we did our best," Tringham said. "I can't do much more than say we made some mistakes. The concept was good. It certainly wasn't fraudulent."

Tringham added that his clients never lost money on their investments and "there has never been a time" when funds have been owed to his investors.

"I don't know who the government thinks the victims are," Tringham said.

Many of the victims are expected to read impact statements during today's sentencing hearing to U.S. District Judge S. Jame Otero.

The jury issued guilty verdicts to Tringham on charges of wire fraud, mail fraud, tax evasion, obstruction of justice, making false statements to federal investigators and criminal forfeiture as well as forfeiture of the Diamond Bar home.

City News Service contributed to this report.