Man raised $8 million he claimed was for a dying heiress. Now he’s sentenced to prison for scam
A California man who conned investors out of some $8 million by claiming they’d earn money by helping care for a terminally ill heiress has been sentenced to federal prison.
The San Jose Mercury News says 76-year-old Laurence Miles got a nine-year sentence Wednesday in a San Jose courtroom.
Authorities say the British expatriate told victims he was trustee for the estate of a terminally ill heiress named Shirley. Miles claimed Shirley would inherit billions if she survived through a probate proceeding and the investors would receive $1,000 for every dollar they contributed to her care.
But there was no heiress. Prosecutors say Miles and four others spent the money on themselves.
Miles pleaded guilty earlier this year to conspiracy, wire fraud and money laundering. His co-defendants await sentencing.
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