A former investment advisor was sentenced to 99 months in prison for a long-running scam he used to defraud elderly and unsophisticated clients of about $2 million that he spent on car payments, his children's private-school tuition and other personal expenses.

Michael Donnelly had already submitted to a lifetime ban from the securities industry when he settled civil charges with the SEC last October, agreeing to pay back nearly$2 million he stole from his clients along with over $365,000 in interest.

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