- Associated Press - Sunday, February 1, 2015

ORLANDO, Fla. (AP) - Two men from Florida’s Space Coast have been sentenced to more than 10 years each in federal prison for orchestrating a scheme that bilked investors out of almost $19 million.

Donald Babb and Ralph Ruth were sentenced Friday in federal court in Orlando. They were ordered to pay $18.7 million in restitution.

Both pleaded guilty to conspiracy to commit wire fraud late last year.

Federal investigators say they falsely represented their businesses as financial institutions that were federally insured and advertised risk-free certificates of deposit for investment opportunities.

Authorities say neither man purchased CDs for their investors and instead used the money to pay earlier investors or to buy luxury items and real estate for themselves.


Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide