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CEO sentenced after defrauding investors of $130M

The former head of an Oregon-based chain of retirement centres was sentenced by a federal judge on Tuesday to 15 years in prison for defrauding investors of about $130 million.

Prosecutors say Jon Harder operated what amounted to a Ponzi scheme, raising money from unsuspecting investors and banks during the collapse of his Sunwest Management chain of more than 300 assisted-living centres.

Harder pleaded guilty in January to mail fraud and engaging in monetary transactions in property derived from unlawful activity.

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