Former financial adviser Richard Mark Schmerman has been sentenced to five years in prison and seven years of probation for stealing his clients' funds.
The Arizona Attorney General's Office announced in a release that Schmerman must pay more than $3 million back in restitution to the defrauded clients.
The release said he used to work for Diversified Financial in Arizona, and he used client funds for personal use, including a payment of more than $400,000 in a civil suit against him.
Scherman impersonated some of the clients to access their funds, the Attorney General's Office said.
