Fla. men get fed prison tems for Ponzi scheme involving Valley investors

YOUNGSTOWN — Two Lakeland, Fla., men have been sent to federal prison after pleading guilty to conspiracy to commit wire and mail fraud and to conspiracy to launder money in an $18 million Ponzi scheme that solicited Mahoning Valley investors.

U.S. District Judge Benita Y. Pearson today sentenced Edward A. Allen, 36, to 90 months in prison, and David L. Olson, 61, to 52 months in prison.

Each man will be on supervised release for three years after prison and they are jointly responsible for more than $18 million in restitution to their victims.

For the complete story, read Saturday's Vindicator and Vindy.com