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Man Sentenced for Bilking Millions Out of Investors

Man Sentenced for Bilking Millions Out of Investors



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SALT LAKE CITY (AP) -- A former Utah resident who was convicted of bilking millions out of investors in 2005 has been sentenced to serve more than three years in federal prison.

Angelo Degenhardt, 49, appeared recently in U.S. District Court to face charges that he violated the terms of his supervised release by engaging in a multilevel marketing business while concealing the proceeds to avoid paying nearly $4 million in restitution to his victims. Federal prosecutors also said that Degenhardt, who now lives in San Francisco, left California several times without notifying supervising officers.

Degenhardt's attorney, Robert Hunt, said his client acknowledged violating his release conditions but insisted he was working to pay back his victims.

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Information from: Deseret Morning News

(Copyright 2007 by The Associated Press. All Rights Reserved.)

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