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U.S. District Chief Judge Yvette Kane showed no mercy for Snyder, who wept minutes earlier as he pleaded for leniency, instead handing down a near-maximum sentence as outlined in federal sentencing guidelines. Although the sentence was ultimately at Kane's discretion, guidelines suggested a penalty range between 10 years, 1 month and 12 years, 9 months.
Snyder, owner of six now-bankrupt businesses, pleaded guilty last November to a scheme that spanned more than 10 years and cost the average borrower affected by the scam $29,000. About 300 Lancaster County residents who financed their mortgages or invested with Snyder's companies were "duped" in the scheme, according to testimony.
"I've never seen anything like this," Kane said in a courtroom packed full of victims, Snyder's family, reporters and lawyers. "The magnitude of loss in this case is staggering."
Snyder, who is 72 and lives in Oley, did not react when the sentence was read. Defense attorney Kurt Geishauser requested his client be allowed to surrender to authorities at a later date. Kane denied that request — a ruling that pleased victims who expressed, before the hearing, their wishes to see Snyder leave the courthouse in handcuffs.
Snyder's family, including his wife and son, embraced one another quietly after the sentence as they sat in a sea of Snyder's victims.
Before Kane made her ruling, Assistant U.S. Attorney Kim Douglas Daniel meticulously outlined Snyder's scam and stressed the anguish of victims "of all ages and all places" who were swindled.
"They've lost their dreams, they've lost their futures," Daniel said.
Borrowers' losses ranged from $133 to $468,000. Daniel said one borrower, an 81-year-old woman, lost more than half her life's savings to the scheme.The prosecutor said Snyder's companies were a fleet of ships that had been sinking for years before "it all fell apart in August," forcing Snyder to file for bankruptcy a month later. Prior to filing for bankruptcy, Daniel said, Snyder tried to cover his debts by attracting new customers — who ultimately became victims.
"The only person that knew something was seriously wrong was Mr. Snyder," Daniel said. "The hole Mr. Snyder dug some 12 to 14 years ago, when initial investments failed, got bigger and bigger. He didn't have the fortitude to stop. He decided to take new victims to pay debts of the old victims."
Daniel called it "a strategy doomed to fail."
Dozens of Snyder's victims sat in the court's gallery, often reacting vocally to testimony, especially Snyder's brief plea for mercy.
"I will never be able to repay in my life the pain and suffering," Snyder told the judge. He asked to turn and speak to his victims, but Kane refused the request. "I'm so sorry. I sincerely apologize."
In the end, Kane wasn't convinced.
"I'm not persuaded by his statement of remorse," she said while relaying the sentence. "His statement of remorse is hardly that."
Geishauser, while walking out of the courtroom, took issue with the judge's opinion.
(397) (155) (119) (76) (52) (48) (47) (28) (18) (12) (9) (6) (3) (3) (2) (2) (2) (2)"I respectfully disagree with her," the attorney said. "He lives with that remorse every day and will for the rest of his life."
Geishauser said there are no plans to file an appeal.
Nine of Snyder's victims were sworn in and testified Wednesday about family relations and future plans that were ruined by the scam.
One woman said she is now going through a divorce because of the financial losses. Another expressed grief and embarrassment over not being able to buy her son a guitar for his upcoming birthday.
Many of those who testified were hard-working citizens on the brink of retirement who had refinanced mortgages to solidify their monetary standing.
Richard Anderson, 66, of Landisville, even took a vacation with his wife to celebrate "the first step to retirement" after writing a payoff check of $25,000 on his house to Snyder's company.
Soon after returning from that vacation, Anderson received a mailed letter informing him of an outstanding debt of $106,000.
Roger Shinton, of Landisville, was on vacation with his wife last August when they received a call from Chase Bank advising them of "delinquent payments."
Shinton said he spoke with Snyder personally about the debt. Snyder told Shinton a "computer glitch" caused by a software change at his company caused the confusion.
"He said, 'there's nothing to worry about,' " Shinton testified.
Two weeks later, Snyder filed for bankruptcy, and the Shintons' debt remained. Shinton came to find out Snyder already had begun taking steps toward filing for bankruptcy when he concocted a story about the nonexistent computer glitch.
Many victims were left with mixed feelings as they talked about the case outside the courtroom. Happy to finally find closure in the form of a lengthy prison sentence, the sentence did little to satisfy mammoth debts Snyder left in his wake.
Snyder was ordered to pay full restitution on debts owed, but there is no guarantee on when and how much financial relief will be provided with those pro-rata payments.
"To us, it's only a halfway solution," Shinton said while standing with his wife, Joyce. "He took away our future."
E-mail: bhambright@lnpnews.com
