EAST ST. LOUIS, Ill. (CN) – A Las Vegas man was sentenced to 20 years in federal prison for duping investors in a get-rich-quick scheme. Michael E. Dotson, 44, told investors in the Dotson Project a tale of 18 tons of gold discovered in New Mexico that was stolen, sold and taken around the world by mysterious forces, including the administration of President George W. Bush.
Dotson repeatedly hit up investors for money to recover the gold, saying would get $20,000 for every $100 invested, court records state.
Prosecutors say the promises rose to millions for every $500 invested and that investors lost $4.6 million.
Dotson pleaded guilty to one count of conspiracy to commit wire fraud and nine counts of wire fraud in October 2008. Dotson will have to pay restitution in addition to the prison time.