Updated:ORLANDO, Fla. —
Two former investment fund managers have been sentenced in Orlando to nine years in prison for conspiring to commit fraud.
Chief U.S. District Judge Anne Conway last week ordered John Wilkins and Philip Leon to pay $17 million in restitution to more than 200 victims. The judge also ordered that $4 million in artwork and money be forfeited from the former managers and turned over to their victims.
The men, who ran the Altamont Global Partners, pleaded guilty last year.
Prosecutors say the men falsified quarterly statements of two investment funds to make it seem they were earning above-market returns when they were actually experiencing losses.
The men then used the faked returns of the two funds to convince investors to put their money into two other funds.