A Phoenix man has been sentenced to 12 years in federal prison for selling fake certificates of deposit to Arizona seniors.
Jeffrey P. Navin, 53, was also ordered to five years of supervised release.
Navin pleaded guilty in August to felony charges stemming from his sale of the fictitious CDs to 20 retired investor victims, resulting in a collective loss of nearly $6 million. Judge G. Murray Snow also ordered Navin to pay restitution to the investors.
In imposing the sentence, Snow cited the need to protect Arizona's substantial retired population from Navin and from others contemplating similar frauds.
Prosecutors said Navin falsely advertised himself as an "FDIC Broker" and sold phony CDs, which he claimed were FDIC insured, to retired investors. Navin formed multiple shell corporations, created false documents, and made Ponzi-like payments of interest to make investors believe he was legitimately brokering secure investments, prosecutors said. Many of the elderly or retired Arizonans who fell prey to Navin's scheme invested substantial retirement savings.
The investigation was conducted by the FDIC Office of Inspector General and the Maricopa County Sheriff's Office.
Copyright 2012 CBS 5 (Meredith Corporation). All rights reserved.
Sunday, May 19 2013 10:07 AM EDT2013-05-19 14:07:39 GMT
From the Tyler Police Department: TYLER, TX (KLTV) - On Saturday at approximately 8:50 p.m., police responded to a pedestrian accident that occurred in the 2300 block of West Erwin Street in Tyler. UponMore >>
The pedestrian was immediately transported to East Texas Medical Center with life threatening injuries, where he later died from his injuries.More >>
It's been less than 10 months since the world record for a lottery prize. On Saturday night, it could conceivably fall once again.More >>
It's all about the odds, and one single ticket in Florida has beaten them all by matching the numbers drawn for the highest Powerball jackpot in history at an estimated $590.5 million, lottery officials disclosed Sunday.More >>
Inmates at jails in Indianapolis, Baltimore, St. Louis and Philadelphia face the nation's highest levels of sexual abuse at the hands of guards, according to a new federal report based on surveys of inmates at...More >>
Inmates at jails in Indianapolis, Baltimore, St. Louis and Philadelphia face the nation's highest levels of sexual abuse at the hands of guards, according to a new federal report based on surveys of inmates at U.S. jails.More >>