Sentencing Day For Florida Man Who Bilked Millions From Investors

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BINGHAMTON, N.Y. (CBSMiami/AP) — It’s sentencing day for the second of two Florida men who bilked investors out of more than $10 million.

Bruce Kane of Fort Lauderdale is scheduled in federal court in New York. The 61-year-old former Ithaca resident faces up to 20 years in prison, a maximum fine of $250,000 and an order to repay more than $10 million.

Prosecutors say Kane was managing partner for a financial services company that received funds from investors located throughout the U.S., including upstate New York. He admitted to using the funds to buy a boat, pay off $280,000 in credit card bills and rent a waterfront condo in Florida.

He pleaded guilty in June to conspiracy to commit wire fraud. A co-defendant, Burton Greenberg, pleaded guilty in November 2015 in Florida.

(TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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