Man sentenced for Phoenix-area investment scheme - FOX 10 News | fox10phoenix.com

Man sentenced for Phoenix-area investment scheme

Updated:

PHOENIX (AP) - A Phoenix-area man has been sentenced to 13 months in federal prison and may have to pay more than $900,000 restitution in a real estate investment scheme.

Federal prosecutors said Friday that 46-year-old Jere Loy Parkhurst pleaded guilty in January to conspiracy to commit wire fraud.

A restitution hearing is scheduled for May 29 and prosecutors are seeking more than $900,000 for victims in the case.

Parkhurst was involved in the remodeling and reselling of homes in the Phoenix metropolitan area.

He allegedly claimed he would pay investors 25% or more in interest.

But prosecutors say Parkhurst used the investor money to fund other areas of his business instead and didn't make interest payments to investors as promised.

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