SHREVEPORT, La. — A former Shreveport businessman who defrauded investors and financial institutions in a multimillion-dollar Ponzi scheme pleaded guilty Wednesday in federal court. He’ll be sentenced Jan. 4 to a stipulated sentence of 15 years
David DeBerardinis, 59, was allowed to remain free on bond until he reports to prison.
Chief Judge Maurice Hicks Jr. said the reason for the delay in formal sentencing is to allow for completion of a pre-sentence report that will include information to help determine the amount of deBerardinis’ restitution.
deBerardinis reached a plea agreement last month with the government in which he admitted to wire fraud in connection with a $29 million bank loan guaranteed by four investors. And he also had to admit his entire operation that promised big returns in energy trades was fraudulent.
deBerardinis made no comment about the case against him in court other than to answer Hicks’ questions. When Hicks asked if he was pleading guilty because he was in fact guilty, deBerardinis answered, “Yes.”
Federal prosecutors and civil suits against deBerardinis said the fraud exceeded $100 million and affected more than 20 investors. deBerardinis defrauded investors and banks that believed they were loaning him money to act as a middleman in energy trades. Investors loaned deBerardinis money at double-digit interest…
