TUCSON, Ariz. (KGUN) — A husband and wife from Tucson, Arizona were found guilty by a jury for defrauding investors out of approximately $5 million dollars.
According to evidence presented at trial Michael Feinberg, 73, and Betsy Feinberg, 80, ran a software company calledCatharon Software Corporation which promised investors and philanthropists enormous returns.
The software the company created was called VDELTA which promised individuals the ability to create programs without having to be a programmer.
The Department of Justice (DOJ) says for 15 years the couple strung investors along with false promises about the software completion date, release date, and capabilities.
In addition to paying themselves salaries, the Feinbergs used investor money for personal expenses including their home mortgage says the DOJ.
Corey Salmon is a real-time editor and associate producer for KGUN 9. He was born in New York but has lived in Tucson for over 10 years. Share your story ideas and important issues with Corey by emailing firstname.lastname@example.org or by connecting on Instagram, LinkedIn, and Twitter.