Boston, MA– Raymond Montoya, a 70-year-old man from Allston, was sentenced in federal court on Thursday afternoon for running a Ponzi scheme. Patch reports that the Boston hedge fund manager defrauded members of his family, friends, and acquaintances of $38 million between the years of 2009 and 2017. He told everyone that he was investing their money in stocks and bonds, but instead Montoya stole the majority of the money and used it for personal expenses including fancy car purchases.

Back in October 2018, Montoya pleaded guilty on several counts including wire fraud, mail fraud, and conducting unlawful monetary transactions. On Thursday, he was sentenced to 14 ½ years in prison for his crimes by U.S. Senior District Court Judge George O’Toole.

In 2009, Montoya began operating a pooled investment hedge fund known as the RMA Strategic Opportunity Fund. Montoya lied to his investors about their money, saying that it was earning impressive returns when it was actually losing significant amounts by 2014. Furthermore, instead of investing the money as he was trusted to do, Montoya used most of the money for personal gain, purchasing a Lamborghini, Rolls Royce, a few Ferraris, and a few Porsches. He also stole from his investors to pay for his children’s student loans and personal home mortgages.

All who contributed, his family, friends, and acquaintances, didn’t see it coming as many had a personal relationship with Montoya. According to officials, the investors had trustingly given Montoya millions of dollars from their personal savings, including their 401K retirement plans.

In court Thursday, several victims’ statements were provided to the judge. One victims statement read, “I am now 60 years old and we have been forced to completely rethink what will be our final chapter. There are no words to describe the devastation this time around. Mentally, physically and financially I/we will never be the same.”

This is not the first time Montoya has been charged with financial crimes. He was also prosecuted for embezzlement in Los Angeles, California back in 1988. The judge sentenced him for five years in state prison back then. This time, he’s been served 14 ½ years in prison and ordered to pay restitution, with three years of supervised release.