Wrapping up a criminal case that ruined lives from Washington state to New Jersey, a federal judge has sentenced disgraced real estate executive Doug Vaughan to 12 years in prison.
Vaughan acknowledged running a Ponzi scheme that bilked 600 investors out of $75 million. He pleaded guilty to two felony charges as part of a plea agreement reached in December.
U.S. District Judge Bruce Black announced Vaughan's sentence on Wednesday after hearing testimony from four victims.
Vaughan said he was sorry and asked for forgiveness.
The scheme involved people loaning money to Vaughan in exchange for promissory notes that carried high interest rates. Vaughan used the money to support a lavish lifestyle and pay back earlier investors. The scheme collapsed in 2010.
Vaughan had victims in at least eight states, including New Mexico, Arizona, Texas, Colorado, Wyoming, New Jersey, Oregon and Washington.
Copyright 2012 The Associated Press. All rights reserved.
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