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Feb 15, 2014 12:10 AM by Associated Press

6-year sentence imposed in Folsom Ponzi scheme

FOLSOM, Calif. (AP) - A Northern California man convicted of taking part in a Ponzi scheme that bilked $80 million from investors has been sentenced to six years in prison.

The Sacramento Bee reports (http://bit.ly/1owWt8w ) that federal prosecutors say 70-year-old Kenneth Kenitzer pleaded guilty in October in U.S. District Court to wire fraud. He was sentenced Friday by Judge Garland E. Burrell Jr.

Kenitzer was an officer at Folsom-based Equity Investments Management & Trading, which was shut down five years ago.

The company's main principal, Anthony Vassallo, received 16 years in prison last June.

Assistant U.S. Attorney Jean Hobler wrote that Kenitzer had cooperated with investigators and wanted to make things right.

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