Prosecutors: Man defrauded investors out of $30 million

CLEVELAND - A Beachwood man will spend more than eight years in prison after prosecutors say he defrauded investors out of $30 million.

The Department of Justice said 47-year-old Enrique Villalba pleaded guilty to one count of wire fraud and was sentenced to 105 months in prison for defrauding 27 investors.

Villalba told investors he would help protect their investments in market trading and place stop orders if investors started losing too much money, according to prosecutors. Villalba never filed those stop orders and ended up losing millions of dollars.

Prosecutors said Villalba used some of the money on his Rico Latte coffee shops and to buy property.