POUGHKEEPSIE, N.Y. (AP) – A 54-year-old businessman was sentenced to seven to 21 years in prison for bilking investors out of millions of dollars.

Francis A. Zarro, of Dorset, Vt., was found guilty in July on 13 counts of grand larceny and fraud in Dutchess County Court.

He was convicted of fraudulently convincing investors to provide money or services to projects, including the theft of an estimated $2.3 million from a Peekskill attorney.

Authorities say Zarro approached potential investors individually or through his businesses – American Past Time Holdings and New Deal Projects – to invest ventures including country clubs, casinos and mansions and hotels.

“You played with Monopoly money and worthless documents to lure participants with real money, often their life savings,” Judge James Rooney said. He imposed sentences Thursday on several charges to run concurrently.

Defense attorney David Steinberg said he plans to appeal.

—

Information from: Poughkeepsie Journal, http://www.pojonews.com

AP-ES-11-21-04 1637EST