HUNTERSVILLE, N.C. — A convicted Ponzi schemer who used his friends’ investment money on a Ferrari was sentenced in a federal courtroom in Charlotte, The Charlotte Observer reported.
Gustavo Guzman, 61, previously of Fullerton, California, defrauded 10 people out of $2 million in the Carolinas and other states, prosecutors said.
[ Charlotte man and investment firm accused of running Ponzi scheme ]
The scheme ran from April 2010 to August 2015.
Guzman used investors’ money to fund his lifestyle, prosecutors said.
He fled to Australia when he learned charges were coming.
Guzman was extradited in 2022 and pleaded guilty in 2023.
In July 2023, Guzman pleaded guilty to securities fraud.
He will spend more than 5 years in prison.
The Charlotte Observer contributed to this report.