DALLAS (AP) – A federal judge in Texas has sentenced a man to 23 years in prison and ordered him to pay $13 million in restitution over an investment scam he ran out of his home in California.
Federal prosecutors said Wednesday that 37-year-old Bradley Stark, formerly of Riverside, Calif., was sentenced on seven counts of wire fraud and one count of securities fraud. He was convicted by a jury in January.
Prosecutors say Stark, who represented himself at trial, tricked investors into putting money into a company he created called Sardaukar Holdings. Investigators say Stark squandered most of the money on cars, entertainment and jewelry.
Starks’ largest investor was a Dallas-area company run by Stanley Leitner, who was previously convicted on similar charges and testified against Stark.
(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
Also Check Out: