2 get prison time for Ponzi scheme that lost $10M

Texas man, Arizona woman get prison time for running Ponzi scheme that lost $10M

Associated Press

AUSTIN, Texas (AP) -- Two people have been given prison sentences for running a Ponzi scheme that involved more than 150 people and resulted in losses of more than $10 million.

Christopher Brown Cornett of Buda, Texas, was sentenced to 40 years in prison Friday. Heidi Beryl Beyer of Scottsdale, Ariz., received 6 years.

The U.S. attorney's office says Cornett and Beyer collected money from across the country to trade in foreign currency exchange markets. They brought in a total of $14.6 million, about half of which they lost in bad trades. Authorities say the rest went to make payments to investors and a range of personal expenses, from gambling losses in Las Vegas to a new Chevrolet Corvette.

Corbett had previously served prison time for federal bank fraud.

Both pleaded guilty last October.

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