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Man gets 9 years in currency trading scheme

September 17, 2014

BOSTON (AP) — The co-owner of a now-defunct foreign currency trading company has been sentenced to nine years in prison for defrauding investors out of more than $30 million.

Craig Karlis of Hopkinton, Massachusetts, was also sentenced Tuesday in federal court in Boston to three years of probation and ordered to pay about $4.4 million in restitution to his victims and more than $450,000 to the Internal Revenue Service.

Karlis pleaded guilty in March to multiple counts of wire fraud and tax-related crimes.

Prosecutors say the 54-year-old Karlis and his partner formed Boston Trading and Research LLC in 2007, but instead of investing in the foreign currency exchange market, used investors’ money for personal expenses including houses, cars, and jewelry.

Karlis’ partner remains at large and is thought to be in his native Turkey.

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