MINNEAPOLIS (AP) -- A federal judge in Minnesota has sentenced a Colorado man to more than four years in prison for scamming investors out of $7 million.
Thirty-seven-year-old Evan Flaxman, of Silverthorne, Colo., was given 4 years and 4 months in prison on mail fraud Tuesday.
In a plea agreement with federal prosecutors, Flaxman admitted misrepresenting his financial expertise and resources in convincing his victims to make investments from December 2009 to March 2012.
Prosecutors say Flaxman provided one investor with one document which showed purported investment gains. But, authorities say Flaxman instead was using investors' money for his personal use, including Ferraris and Porsche cars and a Rolex watch.
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