CLEVELAND, OH (AP) — Five people are headed to prison for involvement in what northeast Ohio authorities say was a Ponzi scheme that cost investors over $17 million.
Cleveland.com reports the defendants included a lawyer and several brokers. Their sentences range from about two years to more than seven. The wife of one defendant was put on home confinement for her role.
Authorities say the scheme involved KGTA Petroleum Ltd., which was marketed as a company that earned profits from buying and selling crude oil and fuel products. Prosecutors say people involved misused investor money for personal property and luxury items.
Each defendant apologized at Wednesday’s sentencing.
People who lost money attended the hearing, including an 83-year-old man who says he now has to work two jobs to support himself and his wife.