The U.S. Attorney's Office in Arizona says a man from the Phoenix suburb of Gilbert has been sentenced to seven years imprisonment for a Ponzi scheme that brought him about $13 million from some 50 victims.
Office spokesman Cosme Lopez said Monday that 40-year-old Cory Ryan Williams lied to his family, friends and fellow church members about his investment scheme's profitability.
He told them the investments were safe and he earned a 5 percent weekly return. In reality, he lost more than $8 million trading stock futures.
Williams paid earlier investors by using new capital from later investors. He also diverted more than $800,000 of the victims' funds to his own personal use.
He is expected to be ordered to pay up to $13.5 million at a September restitution hearing.