NOBLESVILLE, Ind. (AP) _ A central Indiana man has been sentenced to four years in prison for bilking elderly investors out of their savings through what prosecutors called a Ponzi scheme.
Hamilton County prosecutors charged 70-year-old Charles Blackwelder of Carmel with 20 felony counts stemming from the scam linked to the now-insolvent Carmel investment firm CFS LLC.
The Indianapolis Star reports court documents say Blackwelder took investments from elderly clients to pay off debts from previous investments that failed.
His 42-year-old daughter, Cara Grumme, also faced 24 felony counts related to the fraud and two counts of perjury.
Both she and her father entered guilty pleas. They were sentenced Thursday, with Grumme receiving a 3-year suspended sentence.
Blackwelder also received eight years in home detention or work-release following his release from prison.
