NYC twins get prison in $2 million stock scam

AP News
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Posted: Oct 22, 2010 6:10 PM
NYC twins get prison in $2 million stock scam

Identical twin thieves from New York are headed to prison for scamming more than $2 million from dozens of people by making phony promises of can't-lose stock investments.

Makara (MAH'-kah-rah) and Tsele (tah-SEHL'-ay') Nkhereanye (EN'-keh-rhee-ah-nee) were sentenced Friday to 3 1/2 to 10 1/2 years behind bars. They pleaded guilty last month to grand larceny and other charges.

Prosecutors say the 39-year-old brothers promised their 40 victims high profits and guaranteed they wouldn't lose money. But then they lost big and covered it up by using victims' original investments to pay bogus profits.

Makara Nkhereanye's lawyer says the two were hoping for a turnaround and "got trapped in their own lie." Tsele Nkhereanye's lawyer didn't immediately return a call.

(This version CORRECTS APNewsNow. Corrects pronouncer for 'Tsele.')