Two New York men who defrauded millions from investors through a bogus yacht sharing club and a stock scheme have both been sentenced to six years in prison.
The U.S. attorney's office in Connecticut announced Monday 43-year-old Thomas Heaphy Jr., of East Moriches, New York, and 41-year-old Brian Ferraioli, of Sayville, New York were sentenced in New Haven.
Both men had previously pleaded guilty to multiple offenses, including conspiracy charges.
Authorities say Heaphy and Ferraioli told investors their money would be used to develop a membership-based "time share" club with a fleet of yachts that members jointly owned.
Prosecutors say the men kept much of the $1.3 million they solicited.
Investigators say the pair's stock "pump and dump" scheme netted them nearly $2 million.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.