Scottsdale man gets prison term in investor fraud casePosted: Updated:
PHOENIX (AP) -- A Scottsdale man has been sentenced to 18 months in federal prison for wire fraud and money laundering.
Federal prosecutors say 51-year-old J'Sean Claude Butierries also was sentenced to three years of supervised release.
Butierries pleaded guilty in September to defrauding investors out of hundreds of thousands of dollars.
Prosecutors say he sold fraudulent investments and then used that money to buy expensive cars and other luxury items for himself and family members.
They say Butierries owned and operated a company called Chenise International, Ltd., which offered investors a more than 30 percent return, to be paid within 15 days.
However, Butierries wasn't licensed or registered to sell securities.
He used the funds to purchase luxury cars himself and his wife plus a boat and several motorcycles.
Butierries has been ordered to pay restitution.
"The very large, short-term gains that Butierries falsely claimed he could produce were unreasonable, and the public should be wary of such claims made by anyone," said U.S. Attorney John S. Leonardo. "Butierries said he could deliver these gains by trading standby letters of credit, which do not exist, and the United States Attorney's Office warns the public to stay away from financial predators who make these claims."