The many used investors' money — an estimated $645,743 — for his personal use, feds say.
The U.S. Attorney’s Office on Tuesday said Edward C. Wagner, 60, was sentenced to 18 months in prison due to the scheme that dated back to at least 2007.
He had investors from Nevada, Texas and Florida but only used their money — an estimated $645,743 — for his personal use, the release states. Wagner also evaded taxes from 2007 through 2010, the release states. During that time, he accrued $744,186 in unpaid taxes and penalties based on a taxable income of $1,410,112.“Wagner intentionally disguised his actual income by hiding his sources, using nominee financial institution accounts, dealing extensively in cash and cashier’s checks, and creating a false loan document,” the release states.
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