DENVER -- A federal judge sentenced a Utah man to 41 months in prison for running a Ponzi scheme that targeted 79 residents of the Four Corners area.
The Durango Herald reports (http://bit.ly/ofSnEJ ) that Frederick H.K. Baker was sentenced Friday after pleading guilty this summer to two counts of wire fraud and conspiracy.
Federal prosecutors said Baker and Mark Akins, a former Durango resident, took in $1.7 million in the scheme, which began in 2006.
Akins faces a 49-count indictment claiming he marketed Baker's scheme to unwitting investors. His trial is scheduled Jan. 3.