MIAMI — A man was sentenced to more than six years in prison for bilking 1,300 investors nationwide out of $49 million.
James F. Hurst of West Palm Beach was accused of selling agreements and promissory notes to investors, promising annual returns in excess of 20 percent. He spent $10 million on a home, car, boat and other luxuries after selling the agreements, but his company had only $625,000 on hand when he was arrested.
Hurst's lawyer said earlier that his client was working to return the money to the defrauded investors.
Hurst's company told investors it bought accounts receivable from health care providers and commercial companies at a discount and reinvested the funds four times a year.
Hurst was also given three years probation as part of the sentence handed down Friday.