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NEW HAVEN, Conn. (AP) — A Madison, Conn. man has been sentenced to two years in prison for cheating investors out of $675,000.
Federal prosecutors say 58-year-old Thomas Donnelly swindled four investors and used most of their money to pay his own mortgage and other personal expenses.
A judge sentenced him Tuesday in U.S. District Court in New Haven. One victim told the court that he had known Donnelly socially for more than 20 years and Donnelly saw him as easy prey.
Donnelly pleaded guilty to one count of mail fraud in December and authorities say he has paid full restitution to the victims.
Authorities say Donnelly altered monthly brokerage statements to misrepresent the value of the investor accounts.