CONCORD, N.H. (AP) New Hampshire authorities say a 77-year-old Maine man has been sentenced to 48 months in prison for operating a multi-million dollar investment fraud scheme.

William Bischoff defrauded more than two dozen clients of his financial advisory business from 2009 until 2017. He stole $5.6 million from the defrauded investors. He falsely promised to invest their money in real estate, legal settlements and a recycling business.

Bischoff hid the scheme by using money from some investors to pay off others.

The York, Maine resident pleaded guilty in March to wire fraud and failing to file federal tax returns. He was sentenced Wednesday.

Bischoff’s lawyer, Bjorn Lange, said “the case is sad for everyone concerned including the many victims, Mr. Bischoff and his family.”