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updated: 1/19/2013 9:35 AM

Man gets 12 years in prison in investment scheme

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CHICAGO -- A former Chicago man who pleaded guilty to swindling nearly $8 million from more than 50 victims who thought they were buying specially discounted stocks in Google, Facebook and other companies has been sentenced to 12 years in prison.

The U.S. attorney's office says 41-year-old Randy Cho of Seattle was also ordered to pay $7.9 million in restitution to investors and nearly $1.5 million to the Internal Revenue Service. U.S. District Judge James Zagel on Friday also ordered Cho taken into custody immediately.

Cho was arrested in late 2010 and pleaded guilty last August to wire fraud and tax fraud.

Prosecutors say Cho ran the scheme from locations in Chicago, Seattle, Boston and Newton, Mass.

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