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Man gets 5 to 14 years in investment fraud, must repay investors, most at retirement, $600K

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CONCORD, New Hampshire — A New Hampshire man has been sentenced to five to 14 years in prison after pleading guilty to investment fraud and has to pay back more than $600,000.

The attorney general's office said its investigation showed that from 2006 to 2007, Richard Higgins of Stratham solicited investors for a limited partnership called "Higgins Equity Partners."

Prosecutors said he made false and misleading statements enabling him to get over $395,000 from investors. Those statements included assurances that he was a registered investment adviser, but he never did register, nor was he bonded.

Investigators said the funds and any gains or losses on the funds over seven years became Higgins' and investors, most of who were at or near retirement, didn't receive accurate reports.

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