Two New York men who defrauded millions through a bogus yacht sharing club and a stock scheme have both been sentenced to six years in prison.
The U.S. attorney's office in Connecticut announced Monday 43-year-old Thomas Heaphy Jr., of East Moriches, New York, and 41-year-old Brian Ferraioli, of Sayville, New York were sentenced in New Haven. Both men had previously pleaded guilty to multiple offenses, including conspiracy charges.
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Authorities say Heaphy and Ferraioli told investors their money would be used to develop a membership-based "time share" club with a fleet of yachts that members jointly owned.
Prosecutors say the men kept much of the $1.3 million they solicited.
Investigators say the pair's stock "pump and dump" scheme netted them nearly $2 million.