The man had promised his friend a large returns on the funds by depositing them into an investment account but never did so and just kept the money for himself.
by lying about investing it was sentenced Friday to five years in state prison, authorities said.
At the time of his guilty plea, prosecutors asked for Hammond to receive seven years in prison but a judge opted for a slightly shorter term. Hammond never established the investment account and instead withdrew the money from his own account and spent it how he saw fit, officials said.
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