Crime and Punishment

An 'ultimate' con man finally gets busted

Fabricated firm lures 250 investors

Prosecutors describe Peter Liounis as the "ultimate" con man who served time in prison. But instead of coming out rehabilitated, he came out and started another multimillion-dollar investment scheme.

In August, the former stock broker was sentenced to 24 years behind bars after swindling hundreds of investors.

"His overall lie essentially was that he was a legitimate businessman, who could invest their money in something that was guaranteed to give them a safe return," said Loretta Lynch, U.S Attorney for the Eastern District of New York.

But all his lying and cheating couldn't help Liounis out of a mistake that would finally land him behind bars for decades.