Ellicottville man must pay back $5.6M

BUFFALO, NY - An Ellicottville man was sentenced to four years in prison Tuesday following his conviction in a multi-million dollar investment fraud case.

Robert C. Logel, 46, was ordered to pay back more than $5.6 million in restitution to 19 people. One of them happened to be Logel's neighbor who was allegedly defrauded out of $448,000.

An FBI investigation ended with Logel being charged in August 2008 with wire fraud. His victims included a Texas investor who trusted more than $2 million with Logel.