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CHICAGO — A South Side businessman was sentenced Friday to 5½ years in federal prison after defrauding 35 investors of approximately $2.6 million.
Between January 2006 and mid 2008, Robert G. Nelson, 40, of the 3200 block of South Princeton Avenue, took money from investor and said he would invest it in real estate, promising a high yield in return.
But Nelson then used the money to pay other investors he owed and for personal expenses.
He pleaded guilty in December to mail fraud.
U.S. District Judge Samuel Der-Yeghiayan ordered Nelson's sentence to begin Sept. 17. He was also ordered to pay $2.6 million in restitution.