Las Vegas, NV (KTNV) -- A Las Vegas man was recently sentenced for swindling elderly investors.
72-year-old Hans Seibt was sentenced to the maximum term of ten years in prison for swindling investors in a land development scheme.
"Seibt had a track record of targeting his fellow elders, many of who lost their life savings through his Ponzi scheme," said Nevada Attorney General Catherine Cortez Masto. "This activity will not be tolerated. We will continue to protect seniors in our community."
Seibt will be eligible for parole after serving four years of his sentence. In addition to the prison sentence, he was also ordered to pay nearly $1.3 million in restitution to victims identified in the indictment.
Seibt operated an investment scheme in which he used investor money to pay obligations to other investors in what is commonly referred to as a Ponzi scheme.
He operated under HSLV Development Corporation, Clark and Nye County Development Corporation and SWN Land Corporation.
The crimes occurred on or between April 13, 2007 to Aug. 25, 2008.