Central Florida Men Sentenced To Prison For Ponzi Scheme
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FT LAUDERDALE (CBSMiami/AP) - A pair of Central Florida men who bilked investors out of almost $19 million have each been sentenced to 10 years in federal prison
A federal judge in Orlando also ordered Donald Babb and Ralph Ruth to pay $18.7 million in restitution.
Both pleaded guilty to conspiracy to commit wire fraud late last year.
Federal investigators say they falsely represented their businesses as financial institutions that were federally insured and advertised risk-free certificates of deposit for investment opportunities.
Authorities say neither man purchased CDs for their investors and instead used the money to pay earlier investors or to buy luxury items and real estate for themselves.
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