Two North Texas men have been sentenced to federal prison over what prosecutors call a more than $6 million diamond investment scheme.
Craig Allen Otteson of McKinney was sentenced Thursday to 10 years behind bars. A federal judge in Dallas sentenced Jay Bruce Heimburger of Dallas to eight years in prison.
Continue Reading Below
Otteson and Heimburger in July pleaded guilty to mail fraud. Each must also repay $4.7 million.
Investigators say more than 70 investors were scammed out of $6.4 million linked to buying and reselling diamonds on the international market. The scheme, going back to 2011, also involved fraudulently secured cash and property.
A third man, Christopher Arnold Jiongo of Houston, has also pleaded guilty to wire fraud and awaits sentencing.