PHOENIX (AP) - A Phoenix man faces 12 years in prison after being sentenced on felony convictions stemming from sales of fictitious certificates of deposit to investors who are retirees in Arizona.
The U.S. Attorney's Office says 53-year-old Jeffrey Navin also has been ordered during Tuesday's sentencing to pay restitution.
The office says nearly 20 investors collectively lost nearly $6 million.
Navin pleaded guilty in August to charges that included fraud.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
KTBC FOX 7119 East 10th StreetAustin, TX 78701Phone: (512) 476-7777Fax: (512) 495-7001