Feds: Bristol insurance producer who swindled nearly $1.2 million from clients gets 34 months behind bars
Feb. 15—A Bristol insurance producer has been sentenced to nearly three years in federal prison after he defrauded eight investors of nearly
Horvath had pleaded guilty to one count each wire fraud and tax evasion on
Prosecutors said Horvath was licensed in
"Beginning no later than
Victims who invested through Horvath gave him funds they believed he would manage.
But rather than doing so, authorities said Horvath took the investors money and "commingled" it with his own, and then used the pool of funds to pay his personal expenses and repay earlier investors.
"Through this scheme, Horvath defrauded at least eight victims out of a total of approximately
Horvath also didn't pay income taxes on the money earned through the fraud, for which the government said he owed
The
He was also ordered to pay full restitution.
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