The U.S. Court of Appeals for the Second Circuit affirmed the 25-year sentence of a defendant who pleaded guilty to wire fraud for participating in a Ponzi scheme. After stipulating to a Guidelines range of imprisonment of 324 to 405 months and obtaining a below-Guidelines sentence of 300 months' incarceration, the defendant appealed the reasonableness of his sentence. In its summary order, the court determined that the below-Guidelines sentence was reasonable in light of the defendant's conduct, which "took in thousands of middle- and lower-income investors, many of whom lost pensions, college funds and homes" and resulted in others simply becoming "destitute." The court refused the defendant's contention that "his age, his gambling addiction, his good works, his family, similar sentences, his need for rehabilitation and his cooperation" should compel the district court to impose an even lower sentence.