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Newport Beach Man Sentenced In $4.2M Scam

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Jun 5, 2008 10:33 am US/Pacific

Newport Beach Man Sentenced In $4.2M Scam

SANTA ANA, Calif. (AP) ― A Newport Beach man is facing 78 months in federal prison for running a $4.2-million investment scam.

The U.S. attorney's office said 64-year-old John Carl Willy was sentenced Wednesday to prison time and ordered to pay back all the money to 21 victims.

Prosecutors say Willy promised good returns on overseas investments but instead used money from new victims to pay off older investors in a Ponzi scheme.

He used some funds to buy a home and several cars, including a Cadillac and a Porsche. Willy pleaded guilty in January to wire fraud and money
laundering.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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