Men sentenced for defrauding investors with pyramid scheme

OWENSBORO, Ky. – A Kentucky man and a North Carolina man have been sentenced for defrauding investors of millions in a pyramid scheme.

According to federal prosecutors, Richard Maike, of Owensboro, Kentucky, was sentenced last week to 10 years.

Doyce Barnes, of Goldsboro, North Carolina, was sentenced to four years.

The Owensboro Messenger-Inquirer reports the men sold “packages” that promised a share of profits in an online casino, a software program and a music application called Songstagram.

The scheme generated over $30 million in revenue, much of which went to promoters at the top of the pyramid.

A restitution hearing for the two is scheduled for Feb. 2 at the U.S. District Court in Owensboro.