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Connecticut Man Sentenced In $25M Investment Scam

A Connecticut man has been sentencing to four years in prison for cheating investors of over $25 million through a securities fund he co-founded.

Jason Rhodes was sentenced Wednesday in Manhattan federal court.

Prosecutors say Rhodes cheated more than 25 investors by lying to them as he spent their money on personal expenses or by repaying other investors.

U.S. Attorney Audrey Strauss said the fraud was made worse because Rhodes served at the time as the chief risk officer of Sentinel Growth Fund Management LLC.

Through his lawyer, Rhodes had requested a sentence of one year of home confinement.