The 75-year-old former head of an investment firm has been sentenced in New York to six years in prison in a fraud scheme.

James Tagliaferri was head of TAG Virgin Islands. He was convicted by a jury of securities and investment adviser fraud. Some of the victims appeared at the Friday sentencing and made angry, tearful statements.

Tagliaferri says he feels very bad and never intended to lose any money. He asked to be spared prison time because he would lose his Social Security. He says he's now penniless.

But U.S. District Court Judge Ronnie Abrams says it was a serious crime designed to make him money. She says his victims lost millions of dollars and their dignity. She says prison time is necessary in part to warn others not to commit similar frauds.