5-Year Term in $495,000 Fraud

A Malibu man was sentenced to five years in prison today for bilking people out of $495,000 over the phone by persuading them to invest in phony oil and gas well leases and gold coins.

Brian J. Cullen, 40, was also ordered to pay full restitution to victims of the fraud scheme he operated in 1984 and 1985 and to spend three years on probation. “It amazes me . . . how gullible people seem to be and with what ease they part with large sums of money,” said U.S. District Judge Edward J. Rafeedie, who imposed the prison term. Federal prosecutor David A. Katz said investigators have tracked down and seized cash and assets totaling about $240,000 so far and hope to recover more so victims could be paid 100 cents on the dollar for their losses.