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• May 16, 2008 2:47 pm US/Eastern
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  Man Gets 10 Years For Cancer Treatment Fraud Case

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Man Gets 10 Years For Cancer Treatment Fraud Case

U.S. prosecutors say a man who cheated investors out of millions of dollars in a cancer treatment drug scheme will be spending the next 10 years behind bars.

Fifty-nine-year-old Richard A. Anders was sentenced Friday in Miami for securities fraud. The scheme involved marketing stocks and notes for a startup company known as Helvetia Pharmaceuticals Inc.

The company told investors it had a new form of cancer treatment.

Authorities say Anders and other Helvetia stock promoters raised over $5 million from more than 50 different investors. Prosecutors say they used the money to pay for personal bills and trips.

Two other co-defendants pleaded guilty and each was sentenced to five years in prison.

A message left for Anders' attorney was not returned.

(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)