NEWARK, New Jersey — Federal prosecutors in New Jersey say a Georgia businessman who defrauded investors out of more than $800,000 is headed to prison.
Ronnie Singleton, of Lithonia, received a 27-month term when he was sentenced Tuesday. He also must serve three years of supervised release once he's freed and pay $830,500 in restitution.
Prosecutors say the 41-year-old Singleton represented himself as an investor and loan broker who would finance real estate deals through a "European" system that involved leasing financial instruments.
He received more than $800,000 in investors' funds, including $360,000 that he wired to a co-defendant. Prosecutors say that instead of obtaining the promised financing for the real estate projects, Singleton used the investors' money for his own personal benefit.
Singleton pleaded guilty in June to conspiracy to commit wire fraud.
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