Three men were sentenced to between two and six years in prison on Thursday for their part in a creditors' fraud in which worthless "gold certificates" were used to guarantee work on construction projects in New York, New Jersey and elsewhere.  A fourth The defendant was convicted last month for his part in the scheme.
According to the original indictment, the men defrauded three contractors of $ 1.2 million in bond fees in 2015.
"That was the purpose of the scheme. and artificiality for the defendants to illegally enrich themselves by obtaining payments from construction companies in exchange for the issuance of alleged valuable suretyships which were in fact secured by worthless & # 39; gold certificates & # 39; ", the indictment stated
. The four defendants, who were convicted by a federal district judge in South Florida in Miami, all pleaded guilty to conspiracy to commit fraud with mail and mail.
Alexander Xavier was sentenced to six years in prison, Timot hy Castracane was sentenced to three years and 10 months, and Henry Hattendorf was sentenced to two years, last month Robert Wann was sentenced to 4 1/2 months for his part in the fraud.