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PHOENIX -- A financial planner has been sentenced to nearly four years in federal prison in an investment fraud scheme that targeted many Sun City residents.

Prosecutors say 38-year-old Jay Kevin Perry, of Phoenix, was sentenced Tuesday in U.S. District Court to a 44-month prison term.

Another hearing to resolve the nearly $1 million in restitution claims filed against Perry is scheduled for Aug. 6.

Prosecutors say Perry defrauded estate-planning clients who ranged in age from the 60s to the late 90s.

He allegedly convinced them to liquidate annuities and loan money to him.

Authorities say Perry promised reasonable returns, but made few payments to his clients.

In some cases, Perry allegedly secured his clients' loans with commercial property on which he had failed to make payments. He later filed for bankruptcy.

Associated Press,

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