Man Gets 8 Years for Phony Universal Studios Investment
The operator of a Tarzana telemarketing company who bilked investors of $2 million for a phony Universal Studios attraction was sentenced Monday to more than eight years in federal prison, prosecutors said.
U.S. District Judge Stephen V. Wilson also ordered David Wolfson, 43, of Marina del Rey to pay $1.8 million in restitution to 100 investors with Century Park Venture Capital, a telemarketing company run out of Tarzana between 1997 and 1999.
The sentence came after Wolfson pleaded guilty last October to mail fraud and money laundering charges.
Federal prosecutors said in a statement that the defendant’s company offered investment in Virtual Universe Entertainment, a virtual reality arcade to be built at Universal Studios.
They added that Wolfson also told investors that more than 60% of $1.9 million raised for Virtual Universe would be used to construct the facility and purchase equipment.
Despite the promises, there was never an agreement between the defendant and Universal Studios, prosecutors said.
Wolfson spent some of the money for a Mercedes-Benz, prosecutors say.
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