Man sentenced for investment scam

March 15, 2008 12:02:10 PM PDT
A man who admitted to running an investment scheme that authorities said cost investors millions of dollars is headed to prison. Fifty-four-year-old Craig Reinhard of Upper Macungie has been sentenced to more than 12 years in federal prison for selling worthless certificates of deposit to more than 50 people, many of them senior citizens who lost their life savings.

Prosecutors said Reinhard netted $3.3 million in the Ponzi scheme from 1994 to 2006. Reinhard pleaded guilty in December to mail fraud and related counts.

A woman prosecutors said was Reinhard's partner in the scheme pleaded guilty in February to similar charges. Debra Bzik will be sentenced in July.

Information from: The Morning Call,