Wednesday, Jan. 22, 2014 | 2:55 p.m.
A Las Vegas man was sentenced to 10 years in prison in a Ponzi scheme to steal nearly $1.3 million from elderly investors.
Hans Seibt, 72, was charged with 16 counts of securities fraud of a victim 60 years or older, 10 counts of securities fraud and one count of theft. As part of a plea deal, he was convicted of one felony charge.
District Judge Kathleen Delaney sentenced him on Jan. 16 to the maximum term and ordered him to pay nearly $1.3 million to the victims, Nevada Attorney General Catherine Cortez Masto said.
Seibt operated an investment scheme under the names HSLV Development Corp., Clark and Nye County Development Corp. and SWN Land Corps.
Between April 2007 and August 2008, Seibt used investor money to pay obligations to other investors, Masto said. He often targeted the elderly, many of whom lost their life savings, Masto said.
Seibt will be eligible for parole after serving four years of his sentence.