Barnstable Man Ran $700K+ Ponzi Scheme: Feds

BARNSTABLE, MA — A Barnstable man was recently charged with running a massive Ponzi scheme worth more than $700,000 in California, according to investigators. John Bryan Murphy, 44, last month was charged with 10 counts of wire fraud and two counts of money laundering in federal court in San Francisco. Murphy lived in the Bay Area while he conducted his scheme from 2012 to 2017, according to California U.S. Attorney Brian Stretch.

"(Murphy) ... solicited investments from numerous individuals on the premise that their money would be professionally invested," Stretch said in a statement. "After receiving these solicitations, several victim investors provided funds to Murphy for the purpose of allowing him to invest those funds on their behalf. In fact, Murphy primarily used these 'investments' to support his personal lifestyle, to speculate on the stock market in an account in his name, and/or to repay other victims a portion of their investments."

Murphy allegedly acquired more than $700,000 in supposed investments from various individuals.

Photo credit: Shutterstock