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TOMS RIVER -- A New Jersey man who ran an investment scheme that bilked 37 investors out of millions of dollars is headed to state prison.
James Hankins Jr. of Island Heights received a 20-year term today and must serve half his sentence before becoming eligible for parole.
He also must pay nearly $8 million in restitution to his victims. They include a soldier who was severely injured by a bomb while serving in Iraq.
Hankins pleaded guilty in October to several charges, including two counts of financial facilitation of a criminal activity.
Most of Hankins' investors came from Monmouth and Ocean counties. He told them he was buying rights of life-insurance policy beneficiaries, but instead used the money to pay earlier investors and for personal use.
