President Biden Grants Clemency to Former Lubbock Businessman Convicted of $50M Ponzi Scheme

Benny Judah, a former Lubbock businessman convicted of running a $50 million Ponzi scheme, is slated to be released in April 2025 after President Joe Biden granted him mercy. The White House has announced 39 pardons and roughly 1,500 commutations, including Judah's.

Judah pleaded guilty in 2009 to money laundering and marketing unregistered securities, scamming more than 250 investors, many of whom were elderly. He was convicted in 2010 to 25 years in federal prison. Lubbock attorney Fernando Bustos, who oversaw the liquidation of Judah's assets, described the crime as unique in scope in the area.

"There are a lot of elderly victims who were affected...a child lost their college fund," Bustos shared. "This financial fraud greatly impacted many hardworking, vulnerable victims."

Judah's commutation, which reduced his sentence by a decade, provoked passionate reactions. A victim voiced regret, pointing out that many of the people who were scammed, particularly the elderly, died without receiving justice.

Judah has previously sought compassionate release in 2020 owing to COVID-19 issues. He is currently participating in a residential reentry program.

President Biden noted that many commutations were issued to people who would have gotten reduced terms under current legislation. Judah, on the other hand, is still financially accountable for $59 million in restitution, while Bustos has recovered more than $10 million for victims thus far.

Judah's release date is set for April 11, 2025, a contentious milestone in a case that has impacted hundreds of lives.

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