John Heath, who was convicted last month alongside his son Daniel Heath and another man, also was ordered to pay 117 million dollars in restitution to the clients who invested directly through him. Jurors found the three guilty of running a Ponzi scheme that funnelled money from new investors to pay off people who had already pumped in cash.
John Heath was convicted on 52 counts including grand theft, selling false securities and theft from the elderly.
About 100 letters from victims were sent to the Riverside County Superior Court, and about a dozen of them were read to Judge Ronald Taylor, said Ingrid Wyatt, a spokeswoman for the district attorney’s office. The notes talked about how the victims’ lives had been affected after learning their investments with Daniel W Heath & Associates had been lost.
Some of Heath’s adult children pleaded for leniency for their father at the hearing. His attorney, Chad Firetag, asked the judge for probation, citing his client’s age and failing health.
Firetag has said the elder Heath wasn’t aware of the scam and had enough trust in his son that he plowed his own commissions back into the investments.