Alan Anderson, 61, was sentenced to over seven years in prison for defrauding investors of $8 million to fund his child-oriented internet companies, culminating in wire fraud charges.
The investigation revealed that from 2010 to 2018, Anderson misled investors into thinking his companies were expanding, using falsified documents to maintain the deception.
U.S. District Judge Edward M. Chen noted that the extent of Anderson's deceit spanned several years, as he continued to defraud investors with fabricated contracts.
Anderson's scheme, which he executed by convincing investors about non-existent growth and showing fake contracts, ultimately resulted in a staggering total loss of nearly $8.825 million.
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