By DENISSE SALAZAR
THE ORANGE COUNTY REGISTER
December 17, 2009
The sentencing for a San Juan Capistrano man convicted of bilking 124 elderly investors of more than $11 million in a Ponzi scheme will continue Jan. 4 in Orange County Superior Court.
Jeffrey Gordon Butler, 51, was convicted in June of 694 felony counts of stealing from elderly investors through the illegal sale of unqualified securities and filing false tax returns, according to court records. The case is considered one of the largest elder-abuse cases in the history of the Orange County District Attorney's Office.
His wife, Peggy Warmath Butler, 49, was convicted of one felony count of aiding another in the preparation of a false tax return and three counts of filing false tax returns. She is being sentenced simultaneously.
Sentencing started Friday, but it is taking multiple days partly because of the number of defrauded investors who made victim-impact statements.
On Monday, Zelda Greger told the court she and her husband lost $230,000 to a man they trusted.
"Jeffrey Butler is a man who my husband and I trusted," she said. "How many other seniors did he do this to?"
Greger said she wants Butler to get a life sentence, which was a sentiment shared by many of the victims, victims' spouses and their children.
"I hope you'll consider keeping him confined for the rest of his life," Larry Schiel said in court. "I've never known a man who can look you straight in the eye and lie. He didn't show any compassion for his victims or what they've been through."
Kirk Ludwig said his father passed away in 2004 and lived his final days knowing his money was gone. "He was very, very sad," Ludwig said about his father, Kenneth Ludwig.
"I'm hoping he spends the rest of his life in jail," Ludwig said. "I do feel so sad for his children. It's sad that he has done this to his family. My heart goes out to them. They didn't do anything," he said in the courtroom gallery.
About 30 of the victims, some of whom are now deceased, testified via a two-hour video montage that was prepared by prosecutors. They told the court how being defrauded out of their life savings affected them emotionally, physically and financially.
Jake Yessian, 91, lost over $80,000. He said he has had to cut back on food and can't take vacations.
Abridged
SOURCE: OCREGISTER
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