SPRINGFIELD, Mo. (AP) - A former southwest Missouri man is serving nine years in prison without parole for an investment scheme that defrauded senior citizens out of nearly $1.2 million.
Federal prosecutors announced Monday that 68-year-old Steven Gwin, formerly of Ozark, was sentenced Friday and ordered to pay $1.17 million in restitution.
Gwin pleaded guilty Aug. 20 to mail fraud and money laundering. Between August 2005 and March 2007, Gwin solicited investments for retirement ventures and conducted seminars for senior citizens to promote the investment programs.
But prosecutors say once individuals invested with Gwin, he used their funds for personal expenses.