Man gets jail time for scamming
BIRMINGHAM (AP) — A judge sentenced a man to five months in prison and ordered him to repay $5.6 million for his role in an investment scam whose victims included Florida State University football coach Bobby Bowden.
Richard E. Busch Jr., 64, had sought to avoid prison time, but U.S. District Judge Karon Bowdre imposed the term during a hearing Thursday.
Busch of Fort Wayne, Ind., was considered a fugitive until his capture in Panama in March. He pleaded guilty in May.
Busch was prosecuted as part of a conspiracy to sell unregistered securities that cost investors $10 million.
Bowden's son Stephen was among those prosecuted in the scheme, which prosecutors said began in 1996.
A former University of Alabama quarterback, Brian Burgdorf, also was among five men prosecuted in the scam.
The scheme was dubbed the Millennium Fund.
Prosecutors said the men got investors to place money in a series of foreign
foundations and international business corporations established in the investors' names. Court records showed the elder Bowden lost $1.5 million in the scheme.
Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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