John William Snyder, 42, of Souderton, was sentenced today to five years and five months in prison on three counts of wire fraud in a scheme that cost his victims - some of whom thought they were investing in a paintball business - more than $2.4 million, the U.S. Attorney's office in Philadelphia said.
Prosecutors said Snyder falsely claimed to have access to millions of dollars in offshore bank accounts in order to induce victims to loan him money, and that Snyder falsely claimed he could sell an interest in a paintball business in which he had no ownership interest. He pleaded guilty last April.
In addition to a 65 month prison term, U.S. District Court Judge Gene E.K. Pratter ordered Snyder to pay $2.4 million in restitution to 13 victims.