SAN FRANCISCO -- An Albany guy was sentenced to SIXTY FIVE months in jail for working a multi-million-dollar funding scheme.

Krittibas Ray, 46, promised traders he may ensure returns of greater than 7 % by striking their cash into banks in India and making an investment them in hedge funds, in keeping with U.S. Lawyer Melinda Haag. In fact, Ray was the usage of their cash to pay his personal non-public bills and to pay in advance investors, a vintage Ponzi scheme setup.

The scheme bilked buyers of approximately $3.3 million among February 2008 and December 2011, Haag stated. Ray was arrested in December and pleaded to blame to 2 counts of cord fraud.

Ray can even must pay $2.7 million in restitution to his sufferers and be supervised for 3 years after his release.