ALBANY, N.Y. (AP) — A 70-year-old California man has been sentenced to 12 years in federal prison for his role in an $8 million investment scheme hatched while he was living in the Adirondacks.
The U.S. Attorney's Office in Albany says William Stehl of Ventura, California, was also ordered to pay $8.1 million restitution to more than 300 people he defrauded in an alternative energy technology scheme.
Stehl and 64-year-old Richard Rossignol of Los Angeles were arrested in California in 2011 in connection with a federal indictment filed in upstate New York. Prosecutors said the men bilked investors with false promises involving alternative energy sources.
Stehl was living in Saranac Lake at the time.
Rossignol was convicted last February and sentenced to 20 years in prison.
Stehl suffered severe injuries in an explosion at a Los Angeles research facility in 2011.