RIVERSIDE, Calif. (AP) - A businessman has been sentenced to more than 120 years in prison for running an investment scam in Southern California.
Daniel W. Heath was found guilty of running a Ponzi scheme that funneled money from new investors to pay off people who had also given them cash. Prosecutors say the scam cheated 1,800 people out of about $190 million.
The 51-year-old Heath was convicted on all but one of 400 charges that included fraud and money laundering. His 81-year-old father, John Heath, was sentenced in February to 28 years.
A court-appointed receiver has estimated investors will be returned about 22 cents on every dollar.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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