A Santa Barbara County man received a ten year federal prison sentence for selling unregistered securities, as well as stock in a nonexistent energy company.
Federal prosecutors say DeElroy Beeler worked with a former IRS agent to find people across the country to buy unregistered stock. The investigators say in order to entice investors, the two made a number of false claims, like one of the companies was a buyout target for Ebay.
The 56 year old Carpinteria man was already behind bars at the time of his sentencing. Prosecutors say he has already served nine years in federal prison for various fraud schemes.