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.