TUCSON, Ariz. ((KGUN) — A Tucson couple was recently sentenced to five years in prison after they were found guilty on multiple counts of securities and wire fraud in April.
Michael Feinberg, 73, and wife Betsy Feinberg, 80, claimed to have produced the 'VDelta' software for their Catharon Software Corporation, which they said would produce large returns for investors.
According to the court proceedings and an FBI investigation, the Feinbergs gave investors false information about the software's completion, capabilities and its release date over the course of 15 years.
All the while, the court found the couple paid salaries to themselves and used funds for personal expenses, like their home mortgage.
Following completion of their 5-year sentence, United States District Judge James A. Soto sentenced the Feinbergs to three years of supervised release.
A restitution hearing is scheduled for Tuesday, Dec. 13. According to the court, they owe approximately $5 million in victim losses.
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Anne Simmons is the digital executive producer for KGUN 9. Anne got her start in television while still a student at the University of Arizona. Before joining KGUN, she managed multiple public access television stations in the Bay Area and has worked as a video producer in the non-profit sector. Share your story ideas and important issues with Anne by emailing anne.simmons@kgun9.com or by connecting on Instagram, Twitter or LinkedIn.
