The chief executive officer of three internet companies was sentenced to more than seven years in prison for lying about their profitability and defrauding investors, prosecutors said.
Alan Anderson, 61, of Walnut Creek bilked investors out of about $8.8 million in a scheme that began in 2011, according to the U.S. Attorney’s Office for the Northern District of California.
He was was sentenced to 88 months in prison and ordered to pay restitution.
Anderson was the majority shareholder and CEO of Imbee.com, marketed as a child-friendly social media platform; Fanlala, described as an internet-based music streaming service for children; and Fruit Punch, billed as a music-streaming service for children, prosecutors said.
To persuade investors to put money into the companies, Anderson falsely claimed that they were being acquired or were expanding existing partnerships or contracts with large, well-established companies, prosecutors said.
Federal prisoners must serve 85% of their time, he will be out in
about six and a quarter years.
Since 2011???? Wtf!
And they’re just now getting around for sentencing? only 7 yrs and defrauded $8.8M of unsuspecting investors!? Restitution and longer sentencing – no parole
There’s no parole in the federal prison system.
61 years old and facing 88 months. Good. Needs to hurt.
I wish they went after all the politicians this hard. 50% of more would be behind bars.
Or* damn autocorrect
We get what you meant & 100% agreed