Ponzi Schemer to Spend Eight Years in Slammer

MINNEAPOLIS—Gerard Cellette Jr., the confessed Ponzi schemer who took the unusual tact of going into custody a year ago to begin his sentence, was sentenced to eight years in prison for bilking investors out of $53 million. Cellette had pleaded guilty to 36 counts of securities fraud in a scam linked to phony printing contracts for his printing business, the Minneapolis Star Tribune reported.