The 14 victims who lost $2 million through an investment scam run by former Buffalo investment adviser Robert Young can breathe easier.
They'll be getting all of their money back.
Attorney General Eliot Spitzer said Tuesday the investors, including five from Western New York whose losses totaled $311,000, will receive full restitution after raising $500,000 through the sale of assets from the Academy Circle real estate project that Young had been involved with near Mount St. Mary Academy in the Town of Tonawanda.
Young's former employer, GR Phelps, agreed months ago to put up $1.5 million to reimburse clients for their losses. Young worked for GR Phelps, which is now owned by Mass Mutual Co., while he was running the scam. Phelps fired Young in 1995.
Young, who was sentenced to three to nine years in prison last December, is serving his term at the Five Points prison, a maximum security facility in Romulus, outside Syracuse.