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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 ( ) 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,

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