DALLAS (AP) — The last of seven defendants has been sentenced in an investment fraud that targeted senior citizens in Texas and Florida.
A federal judge in Dallas sentenced John Porter Priest of Ocala, Fla., to one year in prison Friday, a week after Dennis Woods Bowden of Farmers Branch, Texas, got a 16-year sentence.
Bowden was CEO of the now-defunct Dallas-based AmeriFirst Funding Corp. and AmeriFirst Acceptance Corp.
Jeffrey Charles Bruteyn of Dallas received the harshest sentence. Convicted of nine counts of securities fraud in 2010, he's serving 25 years in prison.
Prosecutors said Bowden and Bruteyn raised more than $50 million from investors in Texas and Florida but misled customers, mainly retirees, about returns.
Officials said Bowden wrongly spent investment money on an airplane, sports cars and property.