Victims don’t forget

Today’s example: The lingering case of Gerald Issokson and his Dorchester real estate finance Ponzi scheme. Many years after Issokson misappropriated his first dollar, the case is scheduled to be in front of a judge yet again in Suffolk Superior court tomorrow.

The scale of the Issokson scam sounds almost quaint by today’s post-Madoff standards. The losses were measured in millions of dollars, not billions, and the names of the victims could fit on a single piece of paper. But Suffolk District Attorney Daniel Conley still called it the largest white-collar crime case ever handled by his office when Issokson was sentenced to prison in 2004.

The scheme was simple. Issokson raised money from investors to lend to contractors fixing up Dorchester homes for resale as early as the mid-1990s, offering an 18 percent return. The business was legitimate at first, but Issokson started pocketing money later. Investors were thrilled with the returns, but they eventually caught on.

Issokson was once a well-known community figure in Dorchester, the president of the Fields Corner Merchants Association who ran insurance and real estate businesses. But most of the people he hustled weren’t casual acquaintances. They were immediate family, other relatives, and close family friends. They wanted their $4 million back when the case went to court.

What they got was a promise to return $2.2 million. Issokson made that pledge in return for a lighter prison sentence and spent about four years behind bars. He’s been free for about a year but remains more than $600,000 light on the restitution, according to prosecutors. Issokson, 66, probably won’t live long enough to repay at his current pace of $1,000 a month.

“It’s just wrong, and it’s morally offensive in a way that’s equal to the original crime,’’ says Thomas Ulfelder, a former assistant district attorney who had prosecuted Issokson. “If we knew he was going to thumb his nose at the victims, we would have asked for a longer sentence.’’

As you can tell, the story isn’t just about money anymore. It never really was.

It’s unusual for the district attorney’s office to be involved in what is essentially a probation case, but prosecutors will ask Suffolk Superior Judge John Cratsley tomorrow to press Issokson to repay what he owes.

“You had a number of victims who are still interested in obtaining the full scope of justice they’re entitled to,’’ says Ed Beagan, chief of the Suffolk special prosecutions unit.

Issokson and his lawyer didn’t return my calls. But prosecutors say the defense has argued Issokson is paying as much as he can and his work options remain limited by the terms of his probation.

Issokson had to unload many assets to repay as much as he has to date, including a very nice house on Cape Cod. The house was sold to his son for $1 million, but Issokson lives there today. You can image how that goes over with his victims waiting for their money.

Robert Sipzener, whose family lost the most in the scam, doesn’t like the fact Issokson is paying so little and may not be required to do more. “It makes me feel like I am being cheated again,’’ he says.

Gerald Issokson’s victims aren’t forgiving and they haven’t forgotten a thing.

Investors and young companies are excited the market for initial public stock offerings is going through a thaw after nearly two years in a deep freeze. But established companies trying to sell additional public shares should be even more encouraged.

Local public companies have been selling stock in increasing numbers for the past two months. Just last week, Bruker Corp. of Billerica raised $128 million and Momenta Pharmaceuticals Inc. of Cambridge collected $43 million in stock offerings.

Four public companies have sold shares in offerings so far this month. Another five raised money in August stock sales.

Biotechnology and life science companies, which burn through lots of money developing products, have been big stock sellers. Two Cambridge drug companies, Ariad Pharmaceuticals Inc. and Idenix Pharmaceuticals Inc. both managed to raise money last month.

Steven Syre is a Globe columnist. He can be reached at syre@globe.com.