Two men from Florida's Space Coast have been sentenced to more than 10 years each in federal prison for orchestrating a scheme that bilked investors out of almost $19 million.
Donald Babb and Ralph Ruth were sentenced Friday in federal court in Orlando. They were ordered to pay $18.7 million in restitution.
Both pleaded guilty to conspiracy to commit wire fraud late last year.
Federal investigators say they falsely represented their businesses as financial institutions that were federally insured and advertised risk-free certificates of deposit for investment opportunities.
Authorities say neither man purchased CDs for their investors and instead used the money to pay earlier investors or to buy luxury items and real estate for themselves.
Copyright AP - Associated Press
