DES MOINES, Iowa (AP) -- Prosecutors are seeking a prison term of more than seven years for an Iowa man who ran a Ponzi scheme that duped friends and neighbors out of their life savings.
John Holtsinger, of Ottumwa, is scheduled to be sentenced Thursday in federal court in Des Moines. He's pleaded guilty to wire fraud and tax evasion.
Assistant U.S. Attorney Stephen Locher asked for an 87-month prison sentence Wednesday, the high end of the recommended range. He says Holtsinger's conduct was egregious in marketing himself as a savvy investment manager when he was running a Ponzi scheme.
Losses totaled about $1 million. Locher says victims "almost certainly will never recover from the emotional and financial harm."
Holtsinger's attorney is asking for a sentence of about four years.
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