Posted Jul 07, 2010 07:47 pm CDT
A now-disbarred Georgia lawyer was sentenced today to five years and three months in federal prison for swindling clients out of $4.3 million.
M. Dewey Bain, 59, must also pay restitution for the money he took from clients, promising to hold their money in trust and invest it safely but instead converting it for his own personal and business use, reports the Atlanta Journal-Constitution, relying on information from the prosecution.
Bain pleaded guilty to one count of wire fraud earlier this year.
One of the victims, who is now 97, told the court she can no longer afford her assisted living residence and must stay with relatives after losing $1 million that Bain promised to invest in certificates of deposit.
The article doesn’t include any comment from Bain or his counsel.
He could have been sentenced to a maximum of 20 years, reports My Fox Atlanta.