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Man gets prison for defrauding investors


A 74-year-old man has been ordered to serve 55 months in prison and ordered to pay restitution for his role in a scheme to defraud investors in a bogus investment program.

Federal prosecutors say after pleading guilty to two counts of wire fraud and one count of passport fraud, Joseph Sullivan was also ordered to pay $1,800,880 in restitution to victims of the scheme.

Sullivan was the CEO of The Swiss Group, a company prosecutors say sold an investment program which promised to pay investors 10 to 20 percent interest by investing in certificates of deposit issued by the Swiss National Bank and the Swiss National Credit Union.

Prosecutors say Sullivan invested some of the money in other investment vehicles, but also took money for his own use.

Sullivan was convicted of passport fraud for trying to obtain a passport under a false identity.

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