Register | Forgot Your Password? | Close

PHILADELPHIA (AP) -- An Arizona man has been sentenced to more than 18 years in prison in a financial scheme that prosecutors said defrauded hundreds of people out of more than $26 million.

Sixty-seven-year-old Andrew Bogdanoff of Scottsdale, Ariz., pleaded guilty last year in U.S. District Court in Philadelphia to mail and wire fraud, money laundering and other counts.

He was sentenced Friday to 18 years and four months and ordered to pay $26 million in restitution and more than $962,000 to the Internal Revenue Service.

Prosecutors said Bogdanoff's Remington Financial Group bilked hundreds of people out of money they put forward for commercial ventures between 2005 and 2011.

The Philadelphia Inquirer (http://bit.ly/1iGO8vR ) reports that Bogdanoff told U.S. District Judge William Yohn on Thursday that "greed and arrogance took over my life."

___

Information from: The Philadelphia Inquirer, http://www.inquirer.com

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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.