The President of the Private International Development Bank of American Samoa, William Hughes Cravens, has been sentenced to 48 months in prison.
Cravens and four other defendents were charged in 2001 with persuading two thousand US investors to place 75-million US dollars in a ponzi scheme in Seattle.
The money was later laundered through banks in Samoa and the Cayman Islands.
Cravens will receive credit of credit for 7 months he spent incarcerated prior to his guilty plea.
The restitution amount Cravens will have to pay is yet to be determined.
