Man who defrauded 15 people of $6M in Ponzi scheme convicted

A former Massachusetts man who ran what prosecutors called a Ponzi-style scheme that defrauded 15 investors out of more than $6 million has been convicted.

Federal prosecutors say a jury found 76-year-old John William Cranney guilty Tuesday of wire fraud, mail fraud and money laundering.

Cranney, who once lived in Belmont, Massachusetts, but now lives in El Paso, Texas, faces sentencing in August.

Prosecutors say from 2001 through 2012, Cranney took money from friends and business associates and told them he was investing it in a fund or a retirement plan he said he managed. Instead, he spent the money on personal bills and debts to fund his failing nutrition products distributorship.

The scheme collapsed in 2012 when he couldn’t raise additional money for investors who demanded return of their funds.