A Milton man was sentenced to 17 years in federal prison yesterday for masterminding a large Ponzi scheme through his securities company, and for defrauding customers of millions of dollars by selling coins at inflated prices, according to the U.S. Attorney's Office.
A judge also sentenced Arnett L. Waters, 63, to three years of supervised release, as well as restitution and forfeiture of more than $9 million.
Waters previously pleaded guilty to criminal contempt, securities fraud, mail fraud, money laundering and obstruction of justice, the U.S. Attorney's Office said.
From 2007 through 2012, Waters obtained nearly $839,000 from various investors by selling units in sham investment partnerships. He then spent most of the investors' funds on personal and business expenses, prosecutors said.
Over the course of a decade, Waters also defrauded coin customers and gained millions of dollars by selling coins at inflated prices.
Waters engaged in criminal contempt when he maintained a hidden bank account in violation of the asset freeze order in a civil fraud case brought against him by the Securities and Exchange Commission.
From the time the freeze order was entered in May 2012 through mid-July 2012, Waters deposited nearly $172,000 in proceeds from his mail fraud and spent about $152,000, prosecutors said.
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