Ex-Phoenix man gets prison in $18M investment fraud scheme
PHOENIX (AP) — A former Phoenix resident has been sentenced to nearly 24 ½ years in federal prison for his involvement in an $18 million investment fraud scheme.
Prosecutors say 49-year-old Jason Todd Mogler also was ordered Monday to pay restitution to 225 victims.
He previously pleaded guilty to charges of conspiracy, wire fraud and money laundering.
Mogler and several others were accused of soliciting millions of dollars from victims between 2006 and 2012.
The group offered investment in a variety of projects including land development in Mexico, recycling companies in Las Vegas and Chicago and distressed real estate ventures in Phoenix.
Prosecutors say Mogler and his co-conspirators kept the investor funds and made Ponzi payments to certain investors to create the appearance of a legitimate business.