South Coast Man Gets Eight Year Prison Sentence For Investment Fraud Scheme
A South Coast man has been sentenced to eight years in prison after prosecutors say he confessed to operating a fraudulent investment scheme which cost its victims more than a million dollars.
Ventura County prosecutors say Stephen Crozier convinced his victims he was a successful financial advisor working in European financial markets.
They say the Santa Barbara man would use some of the money to pay what appeared to be quick returns on investments, creating the illusion people were making big profits. But, investigators say it was in effect a Ponzi scheme, and that Crozier used most of the money on things like cars and vacations.
He pled guilty to four felony counts, leading to the eight year prison sentence.