PHOENIX — A man has been sentenced to five years in prison for stealing millions of dollars on an oil investment scam.
For over two years, Robert Aguayo, 41, solicited investments from 48 individuals taking $4.75 million, the Attorney General’s Office said.
The business was called IGot Oil Co, LLC, and claimed to offer investment opportunities for oil wells in Oklahoma, according to the AG office.
Investors were from Arizona, California, Georgia, Idaho, Illinois, Massachusetts and Texas.
The Attorney General’s office said the investigation revealed Aguayo used new investor money to pay early investors.
After Aguayo serves his five-year sentence in the Arizona Department of Corrections, he’ll be on probation for seven years, officials said.
