Two Sentenced In Texas For Ponzi Scheme That Lost $10 Million

AUSTIN (February 15, 2013)--Two people were sentenced to federal Friday in Texas prison for running a Ponzi scheme that involved more than 150 people and resulted in losses of more than $10 million.

Christopher Brown Cornett of Buda, was sentenced to 40 years in prison Friday, and Heidi Beryl Beyer of Scottsdale, Ariz., received 6 years.

The U.S. attorney's office says Cornett and Beyer collected money from across the country to trade in foreign currency exchange markets and brought in a total of $14.6 million, about half of which they lost in bad trades.

Authorities said the rest went to make payments to investors and a range of personal expenses, from gambling losses in Las Vegas to a new Chevrolet Corvette.

Corbett previously served prison time for federal bank fraud.

Both pleaded guilty in October 2012.

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