BOSTON (AP) — A Massachusetts man who defrauded friends and neighbors out of more than $400,000 in a Ponzi scheme has been sentenced to 2 ½ years in federal prison.
Stephen Eubanks, of Hingham, was also ordered Tuesday to pay more than $437,000 in restitution. Eubanks pleaded guilty to wire fraud in April.
According to the U.S. Attorney’s office, Eubanks was previously a registered broker with several large brokerage firms, but he was fired in the wake of customer complaints and other disciplinary issues.
Eubanks opened Eubiquity Capital in 2010, posing as a hedge fund manager and taking in more than $700,000 from investors by 2016.
Authorities say Eubanks defrauded more than 20 people, fabricating account statements and using deposited money to pay off returns. He used most of the money for himself.
(Copyright (c) 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)