PHOENIX (AP) – Federal authorities say an Arizona resident has been sentenced to six years in prison and ordered to pay $2 million in taxes and restitution for defrauding investors in a commercial loans scheme.
Barbara L. McQuade, U.S. Attorney for the Eastern District of Michigan, says 44-year-old Scott Atkins, of Scottsdale, Ariz., falsely portrayed himself as a hedge fund manager and attorney while soliciting fees from investors who lost more than $1.4 million he spent on personal expenses.
In addition, McQuade says the former resident of Troy, Mich., never paid income taxes on any of the funds he solicited from 2005 to 2010.
Atkins had pleaded guilty to the charges.
He was ordered to pay restitution of more than $1.7 million to the victims of his scheme, and pay $270,094 to the Internal Revenue Service.
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