Provo Man Sentenced for Duping Investors

Provo Man Sentenced for Duping Investors

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(Salt Lake City-AP) -- A Provo man will go to prison for bilking investors out of millions of dollars.

Albert Earl Carter was arrested last April after a grand jury indicted him on charges involving an investment scheme that bilked investors out of about three (M)millions of dollars.

Carter pleaded guilty in November to charges of mail fraud for his role in a scheme that cheated investors through a program involving the international trading of bank debentures. He also pleaded guilty to charges of tax evasion.

Carter was sentenced yesterday to 51 months in prison, followed by 36 months supervised release. He also agreed to pay almost one-point-eight (m) million dollars in restitution.

Carter could have received up to 10-years in prison.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

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