LAS VEGAS (AP) - A 72-year-old land developer was sentenced in Las Vegas to two to 10 years in state prison and ordered to repay $1.3 million to victims of what Nevada state prosecutors called a Ponzi scheme.
Hans P. Seibt listened Wednesday as several victims described for Clark County District Court Judge Kathleen Delaney how they lost their life savings after investing with Seibt.
The Las Vegas Review-Journal reports that Seibt told the judge he was also a victim of the collapse of his business.
Seibt pleaded an equivalent of no contest Sept. 11 to theft, and prosecutors dropped 26 other theft and securities fraud charges.
Prosecutors say Seibt used money from new investors in his companies, HSLV Development Corp. and Clark and Nye County Development Corp., to pay off existing investors.