AZ man sentenced in real estate investment scheme - WNEM TV 5

AZ man sentenced in real estate investment scheme

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(Source: CBS 5 News) (Source: CBS 5 News)

A former Arizona businessman has been sentenced to 13 months in prison for his role in a real estate investment scheme.

The Internal Revenue Service said Jere Parkhurst, 46, pleaded guilty earlier this year to conspiracy to commit wire fraud.

As part of the plea, Parkhurst admitted he used investors' money to fund other areas of his business instead of using the money to remodel a specific home as promised.

He also admitted that he solicited money from investors with promises of substantial interest payments or returns and received investor money while knowing he was not repaying them.

The investigating was done by the IRS Criminal Investigation and the U.S. Secret Service.

A restitution hearing is scheduled for May 29. The government is asking for $900,000.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

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