A Long Island, N.Y., man was sentenced to 15 years in prisonlast week for a $35 million fraud that a judge said wreckedinvestors' lives, the Associated Press reported.

Mikhail Zemlyansky, 39, was led out of a Manhattan courtroomThursday, Jan. 28, in shackles after U.S. District Judge J. PaulOetken sentenced the Hewlett, N.Y., resident a year after a juryconvicted him of racketeering conspiracy and other charges at amonthlong trial.

The judge said Zemlyansky spent millions of dollars frominvestors' on vacations and fancy cars and watches.

Oetken called him “sophisticated, deliberate and premeditated”as he carried out frauds that prosecutors said stretched from 2007through 2012, the AP said.

“He did not care about the many victims he defrauded out ofmillions of dollars,” the judge said. “People need to understandthis sort of criminal fraud is punished severely.”

Prosecutors labeled him a leader in the largest single no-faultcar insurance fraud scheme ever prosecuted. And they say twoinvestment fraud schemes caused nearly 300 victims, some of themelderly, to lose about $17 million. In all, multiple frauds thatincluded illegal gambling caused losses of nearly $36 million,prosecutors said.

Prosecutors said Zemlyansky and co-conspirators transferredmillions of dollars from investors overseas to shell companies inEastern Europe, where money was converted into cash and returned tothe United States.

They said Zemlyansky defrauded car insurance companies ofhundreds of millions of dollars by creating and operating medicalclinics that provided unnecessary or excessive medical treatmentsto take advantage of a no-fault insurance law that requires promptpayment for medical treatment.

In court papers, prosecutors said Zemlyansky lived a lavishlife, spoiling himself with $100,000 luxury cars and $50,000watches, according to the AP.

Oetken ordered Zemlyansky to pay a $50,000 fine and $29.5million restitution.

Zemlyansky's attorney had asked that his client be sentenced tofive years in prison, saying a day more would be excessive.Prosecutors had requested that he be sentenced to prison for wellover 25 years, the length of time the Probation Department hadrecommended.

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