NJ man sentenced for $1.2M investment fraud

TRENTON, N.J. (AP) -- Federal prosecutors say a central New Jersey man who defrauded 16 people out of $1.2 million has been sentenced to nearly six years in prison.

Brian McCahery of Bradley Beach will also have to serve three years of supervised release once he's freed and pay restitution to his victims, amounts that officials say will likely range from $15,000 to $323,500.

Prosecutors say the 45-year-old McCahery used the name of a day-trading company where he worked to lure investors, promising them that their money would be put in short-term equity funds and initial public offerings that would provide a high rate of return.

But instead of investing the funds, prosecutors say he used the money for personal expenses or as payments to convince victims to continue with their investments.