ALBUQUERQUE (KRQE) - Former Albuquerque Realtor and accused Ponzi schemer DougVaughan is going to jail for driving on a revoked license.
On Thursday Metropolitan Court Judge Kevin Fitzwater sentencedVaughan to 364 days behind bars but then suspended all but a weekof it.
Vaughan, who has already has credit for one day for his initialarrest, has until Aug. 28 to turn himself in to serve the othersix.
Online court records show he'll also have to pay a $250 fine.Vaughan's attorney said an appeal is planned.
Vaughan and his real estate company declared bankruptcy earlierthis year. The federal Securities and Exchange Commission hasaccused him in a civil complaint of violating securities laws in aPonzi scheme that netted $80 million from investors.
In a classic Ponzi scheme money intended for investments isinstead used to pay promised dividends to earlier investors withthe schemer pocketing the rest.
No criminal charges have been filed.
He was arrested on the traffic charge when he drove away fromstate investigators who knew his license had been revoked.
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