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Irving man sentenced for defrauding investorsMarch 18, 2014
DALLAS (AP) — A North Texas man has been sentenced to nearly six years in prison for defrauding people seeking to invest in a restaurant franchise.
Michael David Carroll of Irving was sentenced Monday in federal court in Dallas. He was ordered to pay $1.4 million in restitution. He had pleaded guilty in April to wire fraud.
Prosecutors say the 38-year-old Carroll was a director of The Salad Bowl Franchise Corp. They say from 2008 to 2010 Carroll ran a scheme to defraud investors by inducing them to purchase a franchise from him.
He provided false financial data to investors, including inflated sales figures at some franchise locations. Carroll admitted to investigators that he had used investor funds for his own purposes.
He also acknowledged forging a signature to obtain a $23,000 loan.