MONTGOMERY, Ala. (AP) -- A Dothan man is headed to prison for more than seven years for defrauding investors in Alabama and Florida out of $3 million.
U.S. District Judge Myron Thompson handed down the sentence Friday for 68-year-old Edward Lincoln Forehand. He was convicted of securities fraud, mail fraud, wire fraud and money laundering.
Prosecutors say Forehand used the business name "USA Marketing" to solicit investments from people mainly in south Alabama and the Florida Panhandle. He told them the money was being invested in a business that sold cookware to colleges.
Prosecutors say Forehand received $6.2 million from investors but sent only $1.6 million to the cookware business. They say 87 investors ended up losing $3 million.
Prosecutor Louis Franklin says the sentence was appropriate for a years-long Ponzi scheme.