PLANO, Texas (AP) — Federal prosecutors say twin 52-year-old brothers from Dallas County have been sentenced to four years each in federal prison and have been ordered to pay nearly $1.9 million in restitution for operating a Ponzi scheme.
Authorities say investors lost more than $2.1 million in the scheme run by Roger Harvey Wagner, of Grand Prairie, and Rodney Lee Wagner, of Cedar Hill.
They both pleaded guilty last July to conspiracy to commit wire fraud.
Evidence presented in court Wednesday indicated the brothers from February through November 2010 solicited from investors money they thought was being used for foreign currency trading that would give them a fixed rate of return plus their principal. Instead, prosecutors say the money was used to repay earlier investors to keep the scam running.