A former Naples resident is going to prison for his role in a fraudulent investment scheme against an elderly couple.
After pleading guilty in September, Konstantinos Konstantinou has been sentenced to four years in prison.
He’s also been ordered to pay back more than $707,000 to his victims, and to serve 25 years of probation.
The state’s Office of Financial Regulation, which investigated the scam, announced the outcome in a news release Thursday.
In a statement, Financial Regulation Commissioner Russell Weigel III said his agency would “continue to work tirelessly to bring financial criminals to justice.”
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The State Attorney’s Economic Crimes Unit in Fort Myers prosecuted the case.
According to the news release, Konstantinou offered to purchase United States Treasury Bonds for the elderly couple, then used the money he collected from them for other purchases, including a home for himself.
Konstantinou, now 44, was not registered as a securities dealer when he solicited the investment money.
He was arrested in May 2020 on charges of securities fraud, sale of securities without registration, and organized fraud.
Arrest records show he most recently lived in Pinehurst, Florida.
