Indiana man goes to prison after he bilked education software investors of $1.4M
NEW ALBANY, Ind. (WISH) — An investment scheme of companies developing educational software has put a southern Indiana man behind bars for 40 months, the U.S. Justice Department says.
Anthony Todd Leonard, 55, of Clarksville, was sentenced Monday to federal prison for wire fraud and money laundering. He had pleaded guilty to the offenses.
Leonard sought investors from 2013 to 2019, investigators learned. The software assisted nursing students in passing board examinations, helped physical-therapy students, and aided students in the education system.
The New Albany man admitted to investigators that he misrepresented the revenue the Versity companies generated, and that his companies never actually made the money he represented to investors. Misled investors continued to put money into the company, leading to losses of more than $1.4 million.
Forensic auditors found Leonard and his wife used most of the investors’ money for their own purposes. For one, they purchased a large parcel of land with a lake house in New Albany and constructed a new house there. They also used the money for expensive dinners, trips and other expenses not related to the Versity companies. The government seized and will keep the land and property.
Judge Sarah Evans Barker of the Southern District of U.S. federal court also told Leonard he must serve three years on probation after he leaves prison.
The U.S. Postal Inspection Service investigated the case, and the Indiana Secretary of State assisted, according to the U.S. Department of Justice.