SANTA ANA, Calif. (CN) - An Irvine man who defrauded victims of $3.5 million in phony cures for diabetes and childhood obesity was sentenced Thursday to 151 months in federal prison.
Charles M. Davis, 57, also was ordered to pay back the $3,468,934 he took from 66 victims.
A jury convicted Davis of seven counts of wire fraud, four counts of money laundering and two counts of mail fraud in June 2104.
Davis took $2.5 million from 45 victims in a scam he called LifeRight Holdings, which he ran out of Newport Beach, the U.S. Attorney's Office said. He promised his suckers 15 percent returns in 13 months on a cure for childhood obesity, and took all their money.
Then he took another $900,000 from 21 people in a scam he called DT2, which he claimed could treat diabetes.
"Davis used the money to pay for high-end restaurants, expenses sustained by several girlfriends, spa treatments, cash withdrawals, and his civil and criminal defense attorneys. The victims in the DT2 also lost all of their money," the district attorney said in a statement, adding: "In both schemes, Davis never had a real product."
Davis has been in jail since September 2011, when a judge revoked his bond in the LifeRight when he learned that Davis was running the DT2 scam.
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