By Associated Press - Wednesday, December 24, 2014

BALTIMORE (AP) - A Baltimore man has been sentenced to more than three years in prison and ordered to pay back $16 million in what prosecutors say was an investment fraud scheme.

Brian McCloskey was sentenced Tuesday in federal court in Baltimore after he pleaded guilty to conspiracy to commit wire fraud.

Prosecutors say McCloskey owned a real estate business and conspired with a home builder and an escrow agent to persuade financial entities to loan funds to McCloskey’s company for real estate development projects.

In return for the loans, prosecutors say McCloskey and his partners promised to pay substantial rates of interest. But prosecutors say the lenders were defrauded of more than $20 million.

Others convicted in the case have been sentenced to between three and 15 years in prison.

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