A Manhattan investment adviser has been sentenced to more than eight years in prison for engineering a Ponzi scheme that cost investors more than $13 million.
Federal Judge Victor Marrero ordered Hayim Regensberg to report to prison in two weeks to begin serving the eight year and four month sentence.
Regensberg was convicted of securities and wire fraud charges in April for squandering money he raised between 2004 and September 2007.
Prosecutors say he promised to deliver steady profitable returns but instead spent the money on risky trading of securities, himself and his family.
Source: AP News
