SACRAMENTO, Calif. (AP) -- A husband and wife have been sentenced to five years each in prison for their role in a scam that promised investors a share of strangers' life insurance policies.
The Sacramento Bee reports (http://bit.ly/1icvxIo) 75-year-old Robert Eberle and his 66-year-old wife, Barbara, were also ordered to pay $13.2 million in restitution at their sentencing Tuesday.
Prosecutors say the Eberles worked as sales representatives for a now-defunct Redding company called Secure Investment Services. Their job was to peddle fractional shares in someone's life policy.
While the practice is legal, prosecutors say in the Redding case the investment program was nothing more than a Ponzi scheme.
Investors were told that they could cash in the profits of the life insurance policies when the person died. The losses ran into the millions.
Four others have been sentenced in the scheme.
Information from: The Sacramento Bee, http://www.sacbee.com
Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.
SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.
All contents herein copyright San Diego Source ® 1994-2016