A judge sentenced a Norman man Wednesday to 40 months in federal prison for using money meant for an Edmond development on cars and other personal expenses.
Derek Christopher Swann, 39, took money from investors for a failed, multi-million dollar commercial and residential development called "The Falls." Sanford C. Coats, the U.S. Attorney for the Western District of Oklahoma, said instead of using the money for The Falls, Swann and his partner, Giovanni Stinson, paid for personal entertainments such as private golf club memberships and cars. They also used the money to repay earlier investors.
The Falls project was never finished.
In February 2011, Swann pleaded guilty to one count of money laundering. On Wednesday, December 28, a judge sentenced him to 40 months in prison, followed by three years of supervised released. He was also ordered to pay nearly $4.5 million in restitution to more than two dozen victims.
Stinson pleaded guilty to conspiracy to commit securities fraud. He has not been sentenced yet.