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CA man sentenced to 10 years for investment scam

Thu May 13, 2010 12:18 AM EDT
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Associated Press
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SANTA ANA — A Southern California insurance salesman has been sentenced to 10 years in federal prison after pleading guilty in an investment scheme that bilked 140 people out of millions of dollars.

James Halstead was sentenced Wednesday in federal court in Santa Ana.

The 63-year-old Halstead pleaded guilty in September to wire and mail fraud charges. U.S. District Judge David Carter dismissed a money laundering charge at the request of prosecutors.

Carter also ordered Halstead to pay $14.5 million in restitution, the actual loss suffered by victims after factoring in how much money was returned to investors in the phony scheme.

Halstead was also charged in 2008 with drugging Olympic ice skater Oksana Grishuk at a dinner meeting, but prosecutors dropped the charges.

© 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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