- Associated Press - Wednesday, August 3, 2016

BOSTON (AP) - A Massachusetts investment adviser has been sentenced to prison for defrauding his clients out of more than $1.4 million.

Massachusetts U.S. Attorney Carmen Ortiz says 59-year-old Paul Jackson, of Wellesley, was sentenced Tuesday to 33 months behind bars followed by three years of probation.

Jackson pleaded guilty in October 2015 to investment adviser fraud and wire fraud.

Jackson owned and operated Paul J. Jackson & Associates, LLC in Newton, through which he managed retirement funds for clients.

Prosecutors say Jackson in 2010 began offering clients opportunities to invest in high-profile companies like Facebook, Twitter and Alibaba. Prosecutors say he took more than $1.4 million from clients based on these phony offers and used the money for his personal use.

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