A Miami man entered a plea of not guilty to charges he operated a Ponzi scheme that allegedly bilked family and friends out of $1.3 million. As earlier covered by Ponzitracker, Scott Siegal, also known as Michael Scott Segal, was charged last week with twelve counts of mail and wire fraud. He faces up to twenty years in prison on each charge if convicted, along with criminal monetary penalties and restitution to defrauded investors.
Siegal operated Bright Jewel Holdings several months after being released from serving a seven-year prison sentence for attempted murder. The company purported to purchase consumer goods from China at a discount which were then resold in the United States for a substantial profit. Along with entering his not guilty plea, Segal's attorney that represented him in his attempted murder prosecution also successfully petitioned the court to serve as Siegal's court-appointed attorney. Siegal also requested a trial by jury.
Siegal remains in prison on $600,000 bail.