CHICAGO (AP) — A suburban Chicago man has been sentenced to 10 years in federal prison for defrauding investors in a now-defunct sleep disorder business.
Federal prosecutors say 52-year-old Kenneth Dachman of Glencoe was sentenced Thursday. He pleaded guilty in October to wire fraud, admitting he solicited money from investors for the business and instead spent it on personal expenses. Dachman also must pay millions in restitution and forfeiture and serve three years of supervised release after serving his sentence.
Federal prosecutors say Dachman spent much of the money on a Lake Forest mansion, a tattoo parlor and family vacations. Investors believed their money would be used to purchase sleep-related equipment, rent office space and pay physicians.