Arthur Nadel, a Florida money manager accused of defrauding investors of $168m, was sentenced to 168 months in prison.

Nadel, the 77-year-old founder of Scoop Management Inc. in Sarasota, Florida, pleaded guilty in February to a 15-count indictment filed by U.S. prosecutors in New York. The charges included securities fraud, wire fraud and mail fraud.

â??This was a massive fraud perpetrated on vulnerable victims who rightly deserve the protection of the law,â?� U.S. District Judge John Koeltl said before imposing the sentence.