Miami Businessman Sentenced 100 Years for $126M Fraud

RICHMOND, Va. – A Miami businessman who bilked hundreds of people out of $126 million has been sentenced to 100 years in federal prison.

A judge in Richmond, Virginia, sentenced Edward Okun Tuesday after hearing testimony from eight victims. The victims spoke of delayed retirements, emotional turmoil and even physical illnesses brought on by stress. They described Okun as greedy and without remorse.

Okun was convicted in March on 23 counts, including fraud and money laundering.

The 58-year-old Okun owned two Richmond companies that held money from clients seeking to defer capital gains taxes on property sales. Instead, he used the money to finance a lavish lifestyle, including the purchase of a jet and a yacht.