ASHEVILLE (AP) — A federal judge is sending a North Carolina man to prison for more than 11 years after he operated a multi-million-dollar Ponzi scheme that swindled elderly investors.
Authorities say the sentence U.S. District Judge Martin Reidinger imposed Tuesday on 64-year-old Barry Carlton Taylor of Franklin includes an order that he repay his victims nearly $2.2 million.
Taylor falsely claimed he was an expert in the foreign currency exchange market and that he had a computer software system that enabled his investments to generate very high returns.
Prosecutors say Taylor diverted more than $500,000 to spend on restaurants, entertainment and shopping and lost the rest.
Taylor pleaded guilty in January to commodities fraud and concealment of money laundering.