MIAMI, FLORIDA (BNO NEWS) – On Friday, a man of Boca Raton, Florida was sentenced to 188 months (over 15 years) in prison followed by five years of supervised release for mail fraud, loan application fraud, and tax evasion, prosecutors said.

Michael A. Meisner, 52, a registered commodity trading advisor, incorporated a company called Phoenix Diversified Investment Corporation (PDIC). From 2001, he accepted $37 million from 260 investors through PDIC, until May 2008 when PDIC was declared in bankruptcy.

Meisner didn’t tell the investors that their money was being used for different purposes than intended. Approximately $13 million were deposited into commodities trading accounts; $22 million were used to make a fraudulent Ponzi-like scheme; $6.8 million were used by Meisner to support his and his family luxurious lifestyle.

The PDIC investor monies were used to pay for 15 luxury cars, 8 luxury Palm Beach county residences, luxury vacations, private education expenses, country club fees, multiple large-screen televisions and other high-end electronics, luxury clothing and housewares, and a lavish wedding for his daughter.

Meisner also filed a false application to obtain a $1 million mortgage loan. He admitted that from October 21, 2006 and to the present, he evaded the payment of a large part of the $444,581 federal income tax he reported he owed for 2005.

On March 5, Meisner’s wife, Victoria R. Meisner was sentenced to 18 months of imprisonment for filing a false tax return.