Georgia man gets 5 years in prison for running Ponzi scheme

Georgia News

MACON, Ga. (AP) — Federal authorities say a former University of Georgia student who ran a Ponzi scheme and defrauded more than 100 investors has been sentenced to five years in prison.

U.S. Attorney Charlie Peeler, in a news release, said U.S. District Judge C. Ashley Royal sentenced 23-year-old Syed Arham Arbab, of Atlanta, on Friday.

Arbab was also ordered to pay $509,000 in restitution to his 117 victims.

Arbab pleaded guilty in October 2019 to a one-count bill of information charging him with securities fraud.

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