Chicago — Two people have been sentenced in Chicago to prison for engaging in an investment scheme that allegedly swindled some 70 investors out of more than $30 million.

Gail Howard of Springdale, Ark., was sentenced Friday to seven years in prison, while co-defendant, James Jedynak of Hemlock, Mich., received a 6-1/2-year sentence. The 63-year-old Howard and 40-year-old Jedynak were found guilty in June 2013 of wire fraud.

Prosecutors accused the pair of being the top officers of Unified World Transport LLC, a voice-over-Internet communications company based in Santa Monica, Calif. Between 2003 and 2007, Howard and Jedynak raised about $30 million by selling equity shares to investors, much of it spent on themselves.

Howard and Jedynak were ordered to pay $30.27 million in restitution by U.S. District Judge Robert M. Dow Jr.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Read or Share this story: