Seattle man sentenced to 10 years for Ponzi scheme

SEATTLE -- A Seattle man who orchestrated what officials described as a "classic" Ponzi scheme was sentenced Thursday to 10 years in prison.

The U.S. Attorney's office in Seattle says 30-year-old Jose L. Nino de Guzman's scheme involved fake investment opportunities in Peru under his NDG Investment Group from 2006 until 2009.

Prosecutors say De Guzman raised more than $30 million from over 200 investors.

The investments as described to investors did not occur. In 2009, the Washington State Department of Financial Institutions issued a cease and desist order concerning his fraudulent sales of investment opportunities.

"This defendant committed a brazen, Ponzi-scheme spanning nearly three years and two continents and involving tens of millions of dollars, and more than 180 victims," U.S. Attorney Jenny A. Durkan said in Thursday a news release.

De Guzman was also ordered to pay $18,321,209 in restitution.