A court in the US state of Arizona has sentenced a man who promised investors letters of credit (L/Cs) that would bring them huge returns.

Arizonan, J'Sean Claude Butierries, will serve an 18 month jail term followed by three years of supervised release.

Investors duped

Butierries pleaded guilty in September to wire fraud and money laundering charges.

He defrauded investors out of hundreds of thousands of US dollars by selling fraudulent investments, but simply kept the money to spend on himself and his family.

No such thing

Prosecutors said that Butierries promised investors he could deliver huge gains by trading standby L/Cs on their behalf.

The court also heard that the standby L/Cs - on which Butierries promised at least a 30 per cent return in just 15 days - could not be used as an investment vehicle.

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