CLEVELAND (AP) - Four Ohio men have been sentenced to federal prison for a $10 million fraud scheme that prosecutors say involved the sale of unregistered securities and providing false information about a medical product they were developing.
The men were sentenced Tuesday after being found guilty of fraud-related charges earlier this year. Fifty-nine-year-old Kenneth Jackson, of Glenmont, received 15 years. His co-defendants received nine, six and four years.
Prosecutors say Jackson formed a company in Mansfield in 2007 to produce a hypodermic needle. Prosecutors say the men sold company stock that hadn’t been registered with the Securities and Exchange Commission and falsely claimed the product was ready for the market. Prosecutors say Jackson gambled more than $3 million at a West Virginia casino.
Jackson’s attorney didn’t return a call seeking comment Wednesday.
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