- Associated Press - Thursday, September 24, 2015

INDIANAPOLIS (AP) - A Fishers man who authorities say stole millions of dollars from investors has been sentenced to 5 ½ years in prison.

U.S. Attorney Josh J. Minkler’s office said in a Wednesday news release that 51-year-old John Marcum was sentenced in federal court. Minkler said in the release that Marcum stole clients’ life savings “to fund a lavish lifestyle.”

The news release says Marcum founded investment firm Guaranty Reserves Trust in Indianapolis in 2010, and told investors he would use money to trade securities, stocks and bonds. According to the release, Minkler instead spent it on luxury cars, speculative startup ventures, and rent on a home.

Minkler’s office says Marcum must also pay restitution of $3.9 million to victims.

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