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.