Couple said their software would generate enormous financial returns.
Arizona Daily Star A Tucson husband and wife who claimed they created software that would generate large financial returns for investors were sentenced to 5 years in federal prison after being found guilty by a jury of securities and wire fraud, authorities said.
On Nov. 15, Michael Feinberg, 73, and Betsy Feinberg, 80, were sentenced by U.S. District Judge James A. Soto. In addition to the prison term, both will also serve three years of supervised released when they get out of prison. For nearly 15 years, authorities said the Feinbergs lured investors with false promises about the software's completion, release date and capabilities. They raised money from the sale of unregistered shares of stock in Catharon, according to an indictment in the case.
In addition to paying themselves salaries, the Feinbergs used investor money for a wide variety of personal expenses, including their home mortgage, authorities said.
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