Register | Forgot Your Password? | Close

PHOENIX A Phoenix-area man has been sentenced to 13 months in federal prison and may have to pay more than $900,000 restitution in a real estate investment scheme.

Federal prosecutors said Friday that 46-year-old Jere Loy Parkhurst pleaded guilty in January to conspiracy to commit wire fraud.

A restitution hearing is scheduled for May 29 and prosecutors are seeking more than $900,000 for victims in the case.

Parkhurst was involved in the remodeling and reselling of homes in the Phoenix metropolitan area.

He allegedly claimed he would pay investors 25 percent or more in interest.

But prosecutors say Parkhurst used the investor money to fund other areas of his business instead and didn't make interest payments to investors as promised.

Copyright 2013 The Associated Press.

Associated Press,

share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.

Voice For A Better Arizona

  • Family in Focus

    KTAR spends the week taking a look at the issues a modern Arizona family faces.