|Published:||Aug 21, 2012 5:44 PM EDT|
|Updated:||Aug 22, 2012 6:30 AM EDT|
CLEVELAND (AP) - An Ohio woman has been sentenced to nine years in prison for bilking $60 million from nearly 900 investors in a failed development project.
Seventy-one-year-old Joanne Schneider pleaded guilty Monday to 11 felony counts. She'll get credit for the 2 ½ years she's already served.
The hearing settled a long-running dispute about how much time Schneider would spend in prison for the Ponzi scheme she ran with her husband, Alan. They had proposed a multimillion-dollar retail and entertainment development in Cleveland that was never built.
Joanne Schneider's attorney said Tuesday that she chose to plead guilty to avoid facing the possibility of a longer sentence if convicted at trial.
Alan Schneider pleaded guilty to securities and theft charges in 2009 and was put on probation.