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Adviser Gets Four Years for $8 Million Ball State Swindle

An investment adviser was sentenced to four years and three months in prison for defrauding Ball State University of more than $8 million, some of which prosecutors say he spent on cars and beachfront real estate.

Seth Beoku Betts, 38, was sentenced today in Manhattan federal court. The founder of Betts & Gambles LLC persuaded the Muncie, Indiana, school to give him money to invest in collateralized mortgage obligations, directing some of the money to disreputable investment dealers and spending some on himself, the government said.