An advisor received a three-and-a-half year prison sentence for allegedly telling clients he would invest their money in a hedge fund but instead diverting the funds to his business partner and other members of her family who spent it on personal expenses, the SEC said.

Gregg Caplitz of Wilmington, Mass., was also ordered to pay $1.89 million in restitution to victims he defrauded and more than a dozen victims lost retirement savings as a result of the fraud, according to the SEC.

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