Tucson couple who touted easy web development software sentenced for defrauding investors
A Tucson couple has been sentenced to five years in prison for multiple counts of fraud.
Michael and Betsy Feinburg were sentenced this month after a jury found them guilty of multiple counts of securities and wire fraud earlier this year.
Prosecutors say the couple lured investors with false promises about the completion, release date and capabilities of software they were developing called VDelta. The software purportedly made app development easier for the average person — like teachers and philanthropists.
According to prosecutors, the couple used the money generated from investors to pay their own salaries and their mortgage. A hearing next month will address restitution for approximately $5 million in victim losses.