Indiana Charity Head Sentenced in $1.7-Million Scam
May 14, 2013 | Read Time: 1 minute
The leader of an Indianapolis foundation was sentenced Monday to four years and nine months in federal prison for swindling $1.7-million from a local doctor, reports the Indianapolis Star.
Michael Russell, 54, founder and head of the Russell Foundation, admitted in January to wire fraud and money laundering in connection with the scam. Prosecutors said Mr. Russell and another man persuaded the doctor to invest in an ethanol-production business and then spent the money on themselves.
Mr. Russell was ordered to pay $1.7-million in restitution. Co-defendant Paul Bateman, a former member of the Indianapolis City-County Council, also pleaded guilty in January and is due to be sentenced next week.
