A Scottsdale man has been sentenced to more than 15 years in prison for conspiracy to commit mail and wire fraud and money laundering in connection with a nationwide investment scheme, according to the Internal Revenue Service.

A California man was sentenced to 13 years in the scheme, authorities stated in a release.

According to court documents, from approximately 2011-17, David Alcorn of Scottsdale and Aghee William Smith II of Roseville, Calif., were part of an investment fraud conspiracy that operated out of California, Arizona, Florida, Idaho among other locations across the country.

Alcorn, Smith, and their co-conspirators “deceived hundreds of unsuspecting investors, most of whom were at or near retirement age, by convincing them to invest in or send money to companies owned and controlled by Alcorn” and others, the release stated.

Investors were led to believe the money would be used for investments that included dental franchises.

Alcorn and others then “misappropriated significant portions of the investment funds to pay for their criminal enterprise and lavish lifestyles, as well as to pay exorbitant commissions to Smith and other salesmen,” according to authorities.

Investors cashed out of 401(k) and other retirement accounts to invest without knowing that 20%–70% of the funds were being transferred to other companies the conspirators controlled “in the form of purported ‘fees,’" officials said.

Victims suffered losses in excess of $20 million, they said.

Others involved in the scheme have pleaded guilty or were convicted prior to Alcorn and Smith.