SANTA ANA (AP) — A San Diego man’s been sentenced to over 10 years in prison for running an investment scam that took more than $5 million from people who thought they were investing in “reverse life insurance” policies.
The U.S. attorney’s office says 34-year-old Daniel Christian Stanley Powell was sentenced Friday by U.S. District Judge Josephine L. Staton in Santa Ana. He was ordered to pay $4.4 million in restitution to 59 victims.
A jury convicted Powell of five counts each of mail and wire fraud, and three counts of obstruction of justice.
Prosecutors say Powell founded the Los Angeles-based Christian Stanley Inc., telling investors he’d buy out peoples’ life insurance policies and later collect the death benefits when they died or by selling them on the life settlement market.
Powell apologized at his sentencing.
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