SAN DIEGO (AP) — A San Diego man has been sentenced to nearly 3½ years in prison for bilking investors out of more than $15 million
MAK 1 Enterprises Group owner Mohit A. Khanna was also ordered Monday to pay more nearly $16 million in restitution to more than 200 victims. He pleaded guilty in June to charges of conspiracy and filing a false tax return relating to a Ponzi scheme that afforded him luxury homes, fancy cars and lavish vacations.
Prosecutors say he enticed new clients with claims that he could earn them returns of up to 50 percent, then used their money to pay exorbitant returns to existing investors and to fund his own lavish lifestyle.
Khanna's lawyer and accountant pleaded guilty to related charges in August and are scheduled to be sentenced in December.
Copyright 2010 The Associated Press.
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