posted on December 28, 2012 11:33
An Amherst man has been sentenced to eight years in federal prison for a Ponzi scheme that caused investor losses of more than $6 million.
Prosecutors say 70-year-old Ian Campbell Gent took money from over 90 investors, causing some to lose their entire life savings.
Gent was convicted in February of 2011 on charges of conspiracy and mail fraud for helping another man perpetuate the fraud. The pair promised investors a 10-percent annual rate of return for real estate investments in Maine, but they never bought any properties.