Telemarketer Who Conned Seniors With Phony Bonds Gets Nine Years

A Canadian telemarketer who conned thousands of elderly consumers out of millions of dollars with bogus foreign bonds and lies of easy prize money was sentenced to nine years in prison by a California federal judge.

The U.S. Attorney's criminal case followed action by the Federal Trade Commission, which accused John Raymond Bezeredi of fraud in 2005. The FTC said the Vancouver, Canada-based scammer promised consumers he conned into buying worthless bonds they would be entered into monthly drawings for substantial winnings or regular cash payments.

Bezeredi, who did business as Dominion Investments, Eurobond Fidelity Ltd., and Imperial Investments, was also ordered to pay $4.6 million to compensate his 4,500 elderly victims by the judge, who condemned his "cold, calculating, callous behavior."