Wednesday, December 10, 2008
South Carolina Man Sentenced To 10 Years For Securities Fraud
Daryl Batts, 46, of Easley, South Carolina, was sentenced to 10 years in prison for securities fraud. Batts plead guilty to one count of securities fraud and one count of mail fraud in July for defrauding investors in a Ponzi scheme operation. Batts, who ran Comprehensive Financial Solutions Inc., formerly known as College Financial Solutions, collected some $12 million from more than 150 investors of which he repaid $3 million to the early ones to keep the scheme going, according to prosecutors. Instead of the promised investment, Batts pocketed the funds for his own personal use. He was also ordered to pay restitution.