Man Gets Two Years in Prison for Investment Fraud
ST. PETERS (AP) - A suburban St. Louis man has been sentenced to two years in prison for an investment fraud scheme.
A federal judge on Monday sentenced 47-year-old Michael Kitchen, who pleaded guilty to wire fraud in October.
Authorities say the crimes happened in 2008 and 2009. Kitchen told investors that their money, if placed in a verification of funds transaction, would earn more than 1,000 percent annualized return. Instead, he spent the money on business and personal expenses.
Federal prosecutors say Kitchen took in $500,000 as part of the scheme.