CHARLOTTE, N.C. (AP) -- Two Charlotte, N.C. men will spend about five years each in federal prison after running separate Ponzi investment schemes that prosecutors say collected a total of more than $6 million.
Federal prosecutors said Friday that Mitchell Huffman and Robert Moss each promised investors high returns on their investments. Both faced up to 25 years in prison after pleading guilty in September 2011.
Prosecutors say the 52-year-old Huffman cheated about 30 victims by falsely claiming he was generating returns of up to 150 percent a year by trading commodities futures. He was ordered to repay his victims and give up another $2.5 million in ill-gotten gains.
The 49-year-old Moss bilked 22 victims nationwide also by falsely claiming massive profits from trading in commodities futures. He was ordered to repay almost $1.5 million.