Tucson man gets federal prison sentence for fraud scheme
CREATED Sep. 28, 2012
Web Producer: Taylor Avey
TUCSON (KGUN9-TV) - A Tucson man is headed to federal prison for using other people's money to pay his mortgage and shop on eBay.
Anthony Eugene Linton, 57, was sentenced to 33 months in federal prison Wednesday after he pleaded guilty to wire fraud and engaging in illegal monetary transactions greater that $10,000 on July 19.
According to the plea agreement, Linton devised a "Private Trading Pool" plan that involved defrauding individual investors. Linton got investors to pay up by telling them he would invest their money in the Foreign Currency Exchange Market, but instead used the funds to buy and sell items on eBay and to pay personal expenses including his mortgage, car, and credit card payments.
Linton was able to convince at least twenty-six investors to cough up approximately $808,685.00 in the PTP. Linton then paid investors approximately $331,127.44 in Ponzi-type repayments with the use of other investors' funds.
A restitution hearing is set for Dec. 20.