BOISE, Idaho — An Idaho man has been sentenced to 10 years in prison for defrauding investors and costing them between $1.5 million and $3.5 million in losses.
The Idaho State Journal reports 59-year-old Rick Guyon was sentenced Tuesday in federal court in Boise after he pleaded guilty last year to wire fraud.
Federal prosecutors say Guyon lied about his education, employment history and financial condition as part of scheme to collect nearly $2 million from investors from 2015 through 2017.
He also made fraudulent representations about how the money would be invested and gave investors fake monthly account statements.
Prosecutors say he spent the money on personal expenses.
Guyon was ordered to pay nearly $2 million in restitution. He will also have three years of parole following his release from prison.
Information from: Idaho State Journal, http://www.journalnet.com