RALEIGH, N.C. (AP) — A Raleigh man has been sentenced to more than 12 years in prison for a Ponzi scheme authorities say cost investors close to $1 million.

Hagemann was sentenced Friday after pleading guilty to 12 counts of securities fraud.

State prosecutors said Hagemann lured people to invest nearly $1 million with his foreign currency hedge company, Yellowstone Partners, Inc. Investigators say Hagemann promised high returns but instead spent the money to pay back previous investors and buy things for himself, including an Aston Martin luxury car.

In March, a federal judge ordered Hagemann to pay more than $1.6 million in restitution and penalties for defrauding investors. That judge said Hagemann promised potential investors returns of up to 300 percent and falsely claimed he had connections including former Russian President Boris Yeltsin.