The U-S Attorney's office says that a Georgia man has been sentenced on charges that he defrauded two investors in Western New york out of more than five million dollars.
64 year old Tony Smith of Snellville, Georgia was convicted of wire fraud and money laundering and now he has been sentenced to eight years in prison.
He will also have to pay the restitution of nearly five point two million dollars. Authorities say that Smith claimed to be a multi-millionaire and promised his victims high yield returns in a short period of time. He convinced one victim to wire him five million dollars to an offshore bank account.
But officials say instead of investing the money as promised, Smith wired the money back to himself and others into bank accounts in Rochester.