David Correia, a business partner of former Rudy Giuliani associate Lev Parnas, was sentenced to a year in prison Monday for defrauding investors and making false statements to the Federal Election Commission.
Correa and Parnas were charged for bilking millions out of investors with a business proposal that they said would protect investors against fraud named “Fraud Guarantee,” as CNBC reported. Correia pleaded guilty in October, while Parnas has pleaded not guilty.
Last week, the two were sued by the Securities and Exchange Commission for the “Fraud Guarantee” scheme, according to the New York Times.
Parnas is—along with fellow Soviet-born businessman and Giuliani asscociate Igor Fruman—best known for being charged in 2019 for violating campaign finance laws. The duo were key players in the disastrous bid by the former New York City mayor to dig up dirt on Joe Biden in Ukraine, a gambit The Daily Beast helped reveal that ultimately ended with Donald Trump’s first impeachment.