Man Gets 7 Years In Film Fraud Scheme
A man who pleaded guilty in Vermont to charges connected to a scheme to defraud hundreds of investors in a movie out of $9 million is going to prison for seven years.
The sentence for Louis Soteriou of Middlebury, Conn., was handed down Monday in federal court in Rutland by U.S. District Court Judge Christina Reiss.
Soteriou pleaded guilty in April to charges of money laundering and conspiracy.
Prosecutors said people invested in "Birth of Innocence" and that Soteriou worked with filmmaker Malcolm "Mac" Parker on the deal.
Parker is due to be sentenced Wednesday.
Prosecutors say Parker raised the money in part by promising double-digit interest on the investments, a Ponzi scheme that involved using money to pay off debts to earlier investors.