JEFFERSON CITY — A 74-year-old Lake Ozark man has been sentenced to five years in federal prison for his part in a $3 million investment fraud conspiracy.
During sentencing Monday, Craig F. Swoboda also was ordered to pay $2.4 million in restitution. Swoboda was the chief executive officer of United Management Inc. in Columbia.
Prosecutors say Swoboda and two co-defendants told investors that it was developing and marketing a vending-machine related invention. However, financial and technical problems caused prevented production and marketing of the product.
The Jefferson City News-Tribune reports that the co-defendants, 78-year-old William Colwell McNeely, of Millersburg, and 63-year-old Gail M. Wilkerson, of Denver, have pleaded guilty for their roles in the conspiracy.