Real-Estate Investor Sentenced in Federal Fraud Case

RALEIGH, N.C. — A real-estate investor who U.S. attorneys convicted of scamming people out of tens of thousands of dollars was sentenced Tuesday to more than 16 years in federal prison.

Prosecutors said that Jim Davis, through his companies Easy Financial Services and Eagle Investment Group, and builder David Layton orchestrated elaborate pyramid-like schemes where people -- investors, sellers, buyers, renters and homebuilders -- who bought in to the so-called development either lost money, had their credit ruined or both.