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Money adviser gets 20 years in prison for investment scam

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March 15th, 2017 by Ric Hanson

DES MOINES, Iowa (AP) — A former Iowa investment adviser has been sentenced to up to 20 years in prison for felony theft and must repay more than $330,000 he took from seven people, mostly friends and family acquaintances, who trusted him after he professed to be a main of faith.

David William Johnson convinced clients he had access to a safe high-yielding foreign bank investment that state prosecutors say was a Ponzi scheme. Instead of investing their money, prosecutors say he used it to support his wife and 10 children.

Johnson, who is 57 and living in Texas, was ordered by District Court Judge Kurt Stoebe to repay all the money. Johnson was sentenced Wednesday in Fort Dodge after entering a plea agreement.