A Tucson couple has been found guilty of stealing $5 million from investors.
Michael Feinberg, 73, and Betsy Feinberg, 80, face charges including one count of conspiracy to commit securities fraud, one count of conspiracy to commit wire fraud and five counts of securities fraud, a news release from the United States Attorney’s Office District of Arizona said.
The Feinbergs operated Catharon Software Corporation and claimed to have produced revolutionary software called VDelta that would generate enormous returns for investors and philanthropists, the news release said.
For almost 15 years, the couple attracted investors with false promises about the software’s completion, release date and capabilities, the news release said. Their victims included friends and associates recruited through various community organizations in Sedona, Arizona.
They also paid themselves salaries and used investor money for a wide variety of personal expenses, including their home mortgage, the news release said.
The Feinbergs are scheduled for sentencing on June 15, 2022.
