Morgan, fraudster, gets 10 years

SARASOTA -- John Morgan was sentenced to 10 years and one month in federal prison for financial fraud, the U.S. Attorney's office says.

The Sarasota resident created a Dutch investment entity called Morgan European Holdings APS to commit wire fraud and money laundering, the U.S. Attorney says. Morgan and other co-conspirators collected at least $28 million from more than 80 investors, and used $10.8 million of that money for personal benefit.

In addition to jail time, the court ordered Morgan to pay a money judgment of slightly more than $10 million, and to forfeit his 2003 Fountain Lightning Fever Powerboat.

Morgan's wife, Marian Morgan, was convicted of similar charges on Sept. 29 after a four-week trial. She will be sentenced on Dec. 20.