Federal authorities say a Gainesville man bilked hundreds of investors out of millions in a Ponzi scheme and used the money to fund a lavish lifestyle.

Investigators say David R. Lewalski, 47, solicited money from investors promising 10 percent returns on their investments, but in fact did not invest all the money, and generated little, if any, profits, according to a U.S. Attorney’s Office press release.

Authorities charged Lewalski with wire fraud after finding he took in $30 million from investors which he used to buy real estate, cars, clothing and jewelry, and to lease private jets, according to the U.S. Attorney’s Office. He was charged with wire fraud and faces up to 20 years in prison, if convicted.

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