(Radio Iowa) — A former Fairfield man will spend more than three years in federal prison for an investment scheme. Sixty-seven-year-old Bruce Hauptman pleaded guilty to three counts of wire fraud. The Iowa Insurance Division investigation found Hauptman convinced several people to invest money in promissory notes for a business he owned — with the promise of big returns.

Hauptman stopped paying the investors and the investigation found he was spending the money for personal expenses for multiple mortgages, vehicles, and credit cards. He was sentenced to 42 months in prison and ordered to pay more than two-point-one million dollars in restitution.