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3 ½ Years for $16 Million Investment Fraud

SAN DIEGO (CN) - Mohit Khanna was sentenced Monday to 41 months in federal prison for defrauding more than 200 people of $15.9 million. The 33-year-old Virginian ran several "investment firms" under the name MAK 1 Enterprises.

Khanna pleaded guilty in June to conspiracy and tax charges. He lured investors by promising 8 to 50 percent monthly returns, and made some Ponzi payments to keep the money rolling in.

He also stole more than $4 million "to fund his lavish lifestyle, which included luxury homes in Rancho Santa Fe, Rancho Bernardo, and Virginia, luxury vehicles, and expensive vacations," the U.S. Attorney's Office said in announcing his sentence.

Khanna ran his Ponzi scheme with help from Randolph Hirsch, an accountant, and Gustav Bujkovsky, an attorney.

Hirsch has pleaded guilty to money laundering and RICO charges and will be sentenced on Dec. 6. Bujkovsky pleaded guilty to obstructing justice and tax evasion and will be sentenced on Dec. 15. All charges are federal.

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