Sullivan Sentenced After Ponzi Scheme

MECKLENBURG – In what has been called the biggest Ponzi scheme in Southside Virginia, Michael Sullivan was recently sentenced to 160 years in prison. Sullivan, a South Hill resident with Lunenburg ties, pled guilty to 15 counts of embezzlement and one count of money laundering in October following an arrest for the Ponzi scheme.

Sullivan was recently sentenced by Judge Leslie Osborn in Mecklenburg County Court and will serve an active term of five years with the remaining time suspended on condition of his good behavior for 100 years following his release.

He will also have to be under supervised probation for a specified amount of time and pay back the remainder of the $1.4 million restitution, which totals over $816,000.

Sullivan had an investment business while not actually possessing a license to be an investment broker. He took over $1 million from approximately 15 clients ranging in amounts from $50,000 to over $500,000.