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INDIANAPOLIS — An Indianapolis man was sentenced to 12 years in prison for spending the money investors gave him for a new social media app on personal expenses, the secretary of state announced Friday.

David M. Betner pleaded guilty to one count of corrupt business influence, six counts of fraud in the offer or sale of a security and one count of check deception.

Documents filed in the case state that Betner solicited over $383,000 in investments from seven people in Indiana to fund Darepoint, LLC, a company he claimed was designing a social media app. When investors grew anxious, Betner claimed the company was on the verge of being purchased by Facebook for hundreds of millions of dollars.

Securities investigators found Betner spent investors’ money on personal expenses. The allegations also stated that Betner failed to inform investors of his criminal history, which includes prior felony convictions for forgery and theft.

In addition to 12 years in prison, Betner was ordered to pay restitution amounting to $386,470 to the seven victims.

“I encourage Hoosiers to research securities professionals and offerings by accessing the Indiana Securities Portal and contacting the Securities Division at (317) 232-6681. If you or anyone you know has been the victim of securities fraud, contact our office immediately,” said Indiana Secretary of State Holli Sullivan.