ALBUQUERQUE (AP) - Albuquerque real estate executive Doug Vaughan is set to be sentenced next month on charges that he operated a Ponzi scheme.
Vaughan ran an investment scheme in which money put by later investors was used to help pay false profits to earlier ones. Prosecutors say Vaughan swindled 600 investors out of $75 million in at least eight states.
The Albuquerque Journal reports that sentencing is scheduled Sept. 5 in U.S. District Court in Santa Fe.
Vaughan and prosecutors agreed to recommend that the judge sentence him to 10 to 12 years. But the plea agreement states that Vaughan could receive up to 20 years.
Vaughan has been free since pleading guilty last year to mail and wire fraud charges. Chief Judge Bruce Black will determine the final sentence.
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