A 66-year-old Orlando, Fla., man was sentenced to 12 years in federal prison last month for operating a Sweden-based credit union that swindled more than $17 million from 400 investors in the U.S. and other nations.

U.S. District Court Judge Mark E. Walker in Gainesville, Fla., also ordered Samuel J. Cusumano Jr. on Feb. 22 to pay $7.8 million in restitution and serve three years of probation after his prison term.

Cusumano pleaded guilty on June 24 to wire fraud.

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