Updated:PALM COAST, Fla. —
A Palm Coast man who was accused of operating a Ponzi scheme was sentenced to five years in prison Wednesday.
Prosecutors said Anthony Fregenti told his victims that if they invested with him he would purchase exotic cars and high-end motorcycles, and then sell them to his customers in Saudi Arabia, including a prince, for a large profit.
The 42-year-old was also ordered to pay $3 million in restitution to his victims.
He must also pay $100,000 a year when he is released from prison on probation.