OMAHA (CN) - An Omaha investment broker was sentenced to four years in federal prison for defrauding 445 investors of $484,000, the U.S. Attorney's Office said.
Ryan M. Jindra, 37, had pleaded guilty to wire fraud. He was ordered to pay $484,236 in restitution.
Jindra owned several companies operating under Envision Financial Group, and told investors he had safe investment products that were likely to yield above-average income.
Prosecutors said that after running into money problems, he began making improper withdrawals from client accounts in 2008.
"In some instances, later withdrawals were used to replace monies taken through earlier improper withdrawals," the U.S. Attorney's Office said in a statement.
"Jindra also began diverting funds that had been entrusted to his company by clients who wished to participate in a fixed note program wherein the clients had been promised specific, high rates of return."
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