ALBUQUERQUE (KRQE) - Doug Vaughan, the Ponzi schemer who bilked 600 investors out of $75 million, surrendered to federal authorities Friday afternoon.
Vaughan was sentenced Wednesday to 12 years after cutting a plea deal with prosecutors that settled not only his criminal charges but a civil lawsuit and bankruptcy case.
Prosecutors say that may a life sentence for the former real estate tycoon who will soon turn 65.
Even with good time, he'll have to serve more than ten years.
Vaughan admitted issuing promissory notes to investors in exchange for money that was to be invested in real estate projects. Instead some of the money was diverted to pay purported dividends to earlier investors while Vaughan kept and spent the rest.
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