COVINGTON (AP) — A Mandeville man who pleaded guilty to what prosecutors call a Ponzi scheme has been sentenced to five years in prison.
Hugo Urrea pleaded guilty to securities fraud, felony theft and money laundering charges.
The Attorney General’s Office says Urrea wasn’t a licensed securities dealer but lured acquaintances into investing money with him. Prosecutors say he deposited the money in his bank accounts and used it for personal expenses.
