SAN RAMON--A San Ramon resident was sentenced Monday to three years and five months in prison for defrauding nearly a dozen investors out of an estimated $1 million, the Department of Justice said.

Alfred John Schlette, 60, had promised investors to turn a profit through day trading, but instead used clients' money for personal expenses, according to the DOJ. To cover up his tracks, Schlette generated fake statements assuring his clients their assets were earning returns.

Earlier this year, Schlette was found guilty on nine counts of mail fraud. As part of his sentence, Schlette is also required to pay $1.7 million in restitution to his victims.

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