NEWPORT NEWS (AP) -- The owner of a now-defunct religious broadcasting company has been sentenced to 12 years in federal prison for defrauding more than 80 investors of $787,000.
The Virginian-Pilot reports Samuel B. Jacobs was sentenced late Thursday in federal court in Newport News after a seven-hour hearing.
Jacobs, who owned WJHJ, and a former business partner were found guilty last year.
Prosecutors say the money was spent on personal and business expenses without the investors being told, including payments made on Jacobs' house and 36-foot boat. Many of those defrauded were members of church groups.
Information from: The Virginian-Pilot, http://pilotonline.com