Sentencing Set In NY For Florida Man Who Bilked Investors

BINGHAMTON, N.Y. (AP) — Sentencing is set in a New York court for the second of two Florida men who admitted to bilking investors out of more than $10 million.

Bruce Kane of Fort Lauderdale is scheduled for sentencing Tuesday morning in federal court in Binghamton. The 61-year-old former Ithaca resident faces up to 20 years in prison, a maximum fine of $250,000 and an order to repay more than $10 million.

Prosecutors say Kane was managing partner for a financial services company that received funds from investors located throughout the U.S., including upstate New York. He admitted to using the funds to buy a boat, pay off $280,000 in credit card bills and rent a waterfront condo in Florida.

He pleaded guilty in June to conspiracy to commit wire fraud. A co-defendant, Burton Greenberg, pleaded guilty in November 2015 in Florida.

[STORY BY: THE ASSOCIATED PRESS]