ST. LOUIS (KSDK) – The owner of Invision Investments has been sentenced to 36 months in prison for his involvement in a Ponzi-style scheme in which he fraudulently told investors that he would use their money for real estate.
Kevin Brown, 40, told investors that Invision Investments had equity in property when, in actuality, only a portion of funds went into real estate. Brown then gave false information about the return on those investments, and paid returns using funds obtained from subsequent investors.
In addition, Brown used investor's funds for business expenses, to pay interest on other investors, for Brown's compensation and personal expenses.
Brown was ordered to pay more than $1.6 million in restitution to fraud victims.
No additional information was immediately available.