Man Convicted in Pyramid Scheme

A businessman was convicted in New York City of cheating 22,000 investors out of $700 million in what prosecutors called the biggest pyramid scheme in U.S. history. Patrick Bennett and his wife sobbed after a federal jury found him guilty of 42 counts, including securities fraud and laundering more than $1 billion. The jury did not reach a verdict on 11 counts, including the most serious charge of conspiracy. Bennett, 46, was held without bail and faces at least 20 years in prison. Prosecutors said his group enticed investors in 46 states to invest in office equipment leases that did not exist.