Another Ponzi schemer convicted

SARASOTA -- A federal jury convicted Marian Morgan, a Sarasota resident, of 22 charges related to a Ponzi scheme perpetrated by her and her husband, John, from 2005 until 2009.

The Morgans were principals of Morgan European Holdings, a company that promised investors returns between 200% and 300% after a three-month investment term. Participants' principal investment was said to be held in an escrow account in Denmark, but evidence shows the Morgans withdrew $11 million to spend on luxury items for themselves, including automobiles and a waterfront mansion, according to a news release issued by the U.S. Department of Justice.

The Securities and Exchange Commission filed an enforcement action against the Morgans in June 2009, at which point the Morgans left the U.S., the Department of Justice says. In August, the Morgans were arrested in Sri Lanka after attempting to use a forged financial document.

Marian Morgan's sentencing hearing will take place in December.