A classic rock investment opportunity turned out to be nothing more than a classic scam.
Marino DeSilva, 51, of Las Vegas, has been sentenced for running a securities fraud scam, according to Nevada Attorney General Catherine Cortex Masto.
DeSilva told investors he would use funds for the production and marketing of recordings featuring music by artists including The Beatles, The Rolling Stones and Jimi Hendrix.
DeSilva further claimed to be a Grammy Award-winning musician/producer who owned the rights to that music.
"The defendant misrepresented who he was and sold bogus investments to unassuming innocent people," said Masto. "My office, in partnership with the Nevada Secretary of State's office, continues to hold perpetrators accountable."
Instead of investing the money, DeSilva used it to fund his lavish lifestyle. He was sentenced to 38 to 96 months in prison and ordered to pay $132,000 in restitution.
If you believe you've been the victim of securities fraud, you're urged to call the Secretary of State Office at (702)-486-2440.
Copyright 2012 KVVU (KVVU Broadcasting Corporation). All rights reserved.