SEATTLE (AP) — A 52-year-old Bothell, Wash., man has been sentenced to serve more than four years in prison and ordered to pay more than $7.6 million in restitution for wire fraud.
The U.S attorney’s office in Seattle says Kevin Halverson ran a Ponzi scheme involving tickets for high-demand events. According to court papers, Halverson told more than 50 investors he could get them a high rate of return by purchasing tickets to such events as the Super Bowl and Indy 500 and then selling them for a big profit.
Most of the investor money was used by Halverson or to pay off earlier investors.
He was sentenced Monday in federal court in Seattle. He pleaded guilty on May 7.
