A Phoenix man has been sentenced to 12 years in federal prison for selling fake certificates of deposit to Arizona seniors.
Jeffrey P. Navin, 53, was also ordered to five years of supervised release.
Navin pleaded guilty in August to felony charges stemming from his sale of the fictitious CDs to 20 retired investor victims, resulting in a collective loss of nearly $6 million. Judge G. Murray Snow also ordered Navin to pay restitution to the investors.
In imposing the sentence, Snow cited the need to protect Arizona's substantial retired population from Navin and from others contemplating similar frauds.
Prosecutors said Navin falsely advertised himself as an "FDIC Broker" and sold phony CDs, which he claimed were FDIC insured, to retired investors. Navin formed multiple shell corporations, created false documents, and made Ponzi-like payments of interest to make investors believe he was legitimately brokering secure investments, prosecutors said. Many of the elderly or retired Arizonans who fell prey to Navin's scheme invested substantial retirement savings.
The investigation was conducted by the FDIC Office of Inspector General and the Maricopa County Sheriff's Office.
Copyright 2012 CBS 5 (Meredith Corporation). All rights reserved.
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