Former retirement centers CEO gets 15 years for fraud

PORTLAND, Ore. (AP) — The former head of an Oregon-based chain of retirement centers has been sentenced to 15 years in prison for defrauding investors of $130 million.

Jon Harder was handed the sentence Tuesday in federal court in Portland.

Prosecutors said Harder operated what amounted to a Ponzi scheme, raising money from unsuspecting investors and banks during the collapse of his Sunwest Management chain of more than 300 assisted-living centers.

Harder pleaded guilty in January to mail fraud and engaging in monetary transactions in property derived from unlawful activity.