The third of four men involved in a scam that bilked investors out of $40 million by misrepresenting profits for establishing health care rehabilitation facilities, was sentenced on Monday to two years in federal prison.
Paul Woodcock, 61, of Scottsdale, was sentenced on one count of mail fraud and one count of transactional money laundering, said Wyn Hornbuckle, a spokesman for the U.S. Attorney’s Office.
Prosecutors alleged that the men grossly misrepresented the potential profits of newly opened health care facilities to investors across the United States between 1999 and 2003.
Last month, Richard Ross, 68, was sentenced to two and a half years in federal prison, and Milton Guenther, 53, was sentenced to 18 months in federal prison on fraud-related charges in the scam, according to information from the U.S. Attorney’s Office.
David Goldfarb, 61, a Paradise Valley resident, was convicted of three counts of mail fraud and one count of conspiracy to commit mail fraud in November in connection with the scam and is scheduled to be sentenced on June 19.