Michael Feinberg, 73, and wife Betsy Feinberg, 80, claimed to have produced the 'VDelta' software for their Catharon Software Corporation, which they said would produce large returns for investors.
Michael Feinberg, 73, and wife Betsy Feinberg, 80, claimed to have produced the 'VDelta' software for their Catharon Software Corporation, which they said would produce large returns for investors.
According to the court proceedings and an FBI investigation, the Feinbergs gave investors false information about the software's completion, capabilities and its release date over the course of 15 years. All the while, the court found the couple paid salaries to themselves and used funds for personal expenses, like their home mortgage.
Following completion of their 5-year sentence, United States District Judge James A. Soto sentenced the Feinbergs to three years of supervised release. A restitution hearing is scheduled for Tuesday, Dec. 13. According to the court, they owe approximately $5 million in victim losses.Anne Simmons is a digital content producer for KGUN 9. Anne got her start in television while still a student at the University of Arizona. Before joining KGUN, she managed multiple public access television stations in the Bay Area and has worked as a video producer in the non-profit sector. Share your story ideas and important issues with Anne by emailing anne.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Today's Tucson weather forecast: Nov. 21Get a glimpse of what the weather in Tucson will be like today:
Read more »
3 Tucson concerts to see Thanksgiving weekendMany musicians opt to stay home for the holidays, but you still have options.
Read more »
Tucson House staff, partners help young residents prepare for schoolWhen parents seeking backpacks for kids at the public housing high-rise came up empty from its supply of donations, a student worker rallied the community.
Read more »
2 killed, one man arrested in shooting at Tucson parkMan arrested also suffered gunshot wounds.
Read more »
Tucson couple sentenced to 5 years in prison for defrauding investorsCouple said their software would generate enormous financial returns.
Read more »
Roadrunners score six straight, outlast Barracuda at Tucson ArenaOn the night the Tucson Roadrunners debuted their new white Kachina jerseys, they won in a flashy manner.
Read more »