LOS ANGELES (AP) An 81-year-old California man has been sentenced to 29 years in prison in a huge investment scam that cost victims at least $190 million.
John Heath was convicted last month of 52 crimes including, grand theft, selling false securities and theft from the elderly. He was sentenced Friday in Riverside County.
Heath, his son and another man were found guilty of running a Ponzi scheme that funneled money from new investors to pay off people who had already pumped in cash.
Prosecutors estimate 1,800 people in 25 states were victimized.