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Man sentenced to prison for continuing Ponzi scheme

Posted: February 20, 2013 - 5:10pm

Twitter @ValerieRowell

A judge recently sentenced an Augusta man previously involved in a Ponzi scheme to prison after he pled guilty to continuing to scam investors and sports fans.

Superior Court Judge Sheryl Jolly sentenced Rodney Wade Grubbs, 43, to spend two more years in prison after he pled guilty to theft on Monday, according to Assistant District Attorney Hank Syms.

Grubbs was arrested in November 2011. He was accused of soliciting money from a man to buy tickets to the SEC championship football game and forging SEC invoices. Another man claims he gave Grubbs money in June 2011 to buy, then resell, tickets to the Major League Baseball All-Star game.

Jolly also revoked his 2010 sentence of 30 years probation and $442,500 in restitution. He pled guilty to 12 counts of theft and three counts of forgery. Grubbs was accused of bilking three investors out of more than $500,000, starting in January 2008.

He told investors he would use their money to purchase hotel rooms and tickets to concerts and sporting events, including the Super Bowl, the Ryder Cup, the Masters Tournament and the Kentucky Derby.

Grubbs pled guilty to 12 counts of theft and three counts of forgery in connection with those charges. He also was sentenced to pay $442,500 in restitution.

Jolly also ordered Grubbs Monday to continue the restitution repayment schedule when he is released form prison and to serve the more than 25 years remaining of his probation.

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