Created on Friday, 04 June 2010 10:56
A Doylestown Township man has been given three years in federal prison for a real estate scheme where he collected money from investors for property he did not own. 36-year-old Roman Fitzmartin must also pay more than $800,000 in restitution. He pleaded guilty in March to mail fraud. He was president of the Doylestown Investment Group, which is now out of business. Federal prosecutors say he ran a Ponzi scheme, where investors were paid with money collected from new investors, and it finally collapsed. Some victims lost their retirement savings. At the same time, they say, he had a lavish lifestyle, living in a mansion, driving fancy cars and dining at fine restaurants. His wife says he’s a good man who made bad business decisions.