By Associated Press - Wednesday, July 1, 2015

NEW YORK (AP) - A New Jersey resident will spend over seven years in prison for his role in a New York based commodities fraud scheme.

U.S. Attorney Preet Bharara in Manhattan announced Tuesday that Alex V. Ekdeshman, of Holmdel, New Jersey, has been sentenced to 87 months.

Ekdeshman solicited over $1.5 million from more than 100 investors. They believed their money was being used for foreign exchange currency transactions.

Prosecutors say the defendant misappropriated most of the funds to pay for personal and business expenses.

He was chief executive officer of Paramount Management, LLC.

Ekdeshman pleaded guilty on Feb. 5 to one count of commodities fraud.

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