MIAMI – A Doral man was sentenced Tuesday to more than three years in federal prison for organizing a Ponzi scheme involving aircraft parts.
Anthony Saumell, 45, pleaded guilty in August to seven counts of wire fraud.
U.S. District Judge Marcia G. Cooke sentenced Saumell to three years and two months in prison, to be followed by three years of supervised release.
According to court documents, Saumell organized and engaged in a complex fraudulent scheme to defraud investors in South Florida.
Saumell deceived his victims into investing about $3.9 million into his company, Gear Management Corp. Victims were told their investments would be used to purchase aircraft parts that would be sold for a profit.
Prosecutors said Saumell guaranteed victims a 10 percent profit within 30 days, but instead he used the money to pay other investors or fund his lifestyle. Prosecutors said he used the money to buy jewelry, pay alimony, pay for private school and make purchases at art galleries.
By October 2013, Saumell had spent all of the investors' funds, and his company went bankrupt. Investors lost about $1 million in the scheme.
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