20 years in prison for Brooklyn Ponzi schemer

June 17, 2011 10:47:44 AM PDT
Federal prosecutors were calling for the maximum punishment when an investment manager from Brooklyn was sentenced Friday. They'll have to settle for 20 years.

Philip Barry will spend two decades behind bars for orchestrating a $60 million Ponzi scheme that bilked more than 800 investors.

Barry, called Brooklyn's Bernie Madoff, faced as much as 27 years in prison.

Barry operated out of a bare-bones storefront, but he lured neighborhood investors in Bay Ridge with the promise of high returns.