Man sentenced in $47 million scam
SANTA ANA, Calif. (AP) A California man has been sentenced to more than 11 years in prison for bilking more than $47 million from his in-laws and several banks.
John Mark Moore of Nipomo pleaded guilty in April to four counts, including mail and wire fraud.
Prosecutors say the 51-year-old Moore diverted millions of dollars from his in-laws' business and personal accounts to his father's businesses that he himself owned. Authorities say Moore also was involved in other schemes where he illegally obtained funds by increasing his lines of credit by forging his wife's signature and submitting false financial statements.
Moore told his family about what he did two years ago, and subsequently told federal investigators.
The San Luis Obispo Tribune reports Moore was also ordered to pay $46 million in restitution.