Georgia man faces 7 years in prison on fraud charges

ATLANTA -- An Atlanta man was sentenced to seven years in federal prison on charges of conspiracy to commit mail and wire fraud.

Fifty-one-year-old Anthony Tobin was also ordered on Monday to pay $2.4 million in restitution.

Prosecutors say Tobin found customers through various networking websites and then promised them he would help direct venture capital for their business pitches. They say he would first require them to pay nonrefundable advance expenses and fees.

But prosecutors say Tobin never intended to provide them access to loans and investment fees and instead kept the money. They say more than three dozen victims lost about $5 million in the scheme.

Two other co-defendants have been charged in the plot. Thirty-nine-year-old Eyal Dulin remains a fugitive and 47-year-old Katherine Twigg is scheduled to be sentenced on May 4.