A former University of Georgia student who ran a Ponzi scheme and defrauded more than 100 investors has been sentenced to five years in prison, federal authorities said.
U.S. District Judge C. Ashley Royal sentenced Syed Arham Arbab, 23, of Atlanta, on Friday, U.S. Attorney Charlie Peeler said in a news release. Arbab was also ordered to pay $509,032 in restitution to his 117 victims.
Arbab pleaded guilty in October 2019 to a one-count bill of information charging him with securities fraud. Prosecutors said he preyed on inexperienced investors, including his own fellow students.
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