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Tucson couple convicted of defrauding investors out of $5M

Posted at 2:35 PM, Apr 10, 2022
and last updated 2022-04-10 17:35:17-04

TUCSON — Federal authorities say a Tucson couple who ran a software company have been convicted of defrauding investors out of about $5 million.

Prosecutors say 73-year-old Michael Feinberg and his 80-year-old wife Betsy Feinberg were convicted by jurors Friday after a trail in U.S. District Court in Tucson.

The two are scheduled to be sentenced on June 15.

According to evidence presented at trial, the Feinbergs’ company promised investors and philanthropists enormous returns.

Their self-proclaimed revolutionary software also was supposed to give people the ability to create programs without having to be a programmer.

Prosecutors say the couple made false promises about the software’s completion date, release date and capabilities for 15 years.