2 get prison time for Ponzi scheme that lost $10M - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

2 get prison time for Ponzi scheme that lost $10M

AUSTIN, Texas (AP) - Two people have been given prison sentences for running a Ponzi scheme that involved more than 150 people and resulted in losses of more than $10 million.

Christopher Brown Cornett of Buda, Texas, was sentenced to 40 years in prison Friday. Heidi Beryl Beyer of Scottsdale, Ariz., received 6 years.

The U.S. attorney's office says Cornett and Beyer collected money from across the country to trade in foreign currency exchange markets. They brought in a total of $14.6 million, about half of which they lost in bad trades. Authorities say the rest went to make payments to investors and a range of personal expenses, from gambling losses in Las Vegas to a new Chevrolet Corvette.

Corbett had previously served prison time for federal bank fraud.

Both pleaded guilty last October.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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