The former owners of an Arizona software company have each been sentenced to serve five years and 10 months in federal prison related to a lengthy scheme that defrauded investors out of $5 million.
Court documents show that the Feinbergs operated Catharon Software Corp. that was related to a similar business the couple started when they lived in New York before relocating to Arizona. Documents show they operated the business out of a home in Sedona from 2002-2013. They alleged that the software would generate revenue of $2 billion within three years, promising investors returns of anywhere between 400% and nearly 2,300%.
In a pre-sentencing note to the court through their attorney, the Feinbergs said they were relying on the company's software programmers to inform them of their progress on developing the product but were given inaccurate information that they in turn conveyed to investors.
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