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Man Sentenced in $7 Million Sports Drink Fraud Case

A California man who pleaded guilty to money laundering and wire fraud in connection with accusations that he bilked investors out of millions in his sports drink company has been sentenced to federal prison.

SALT LAKE CITY (AP) — A California man who pleaded guilty to money laundering and wire fraud in connection with accusations that he bilked investors out of millions in his sports drink company has been sentenced to federal prison.

Randy Olshen was sentenced to 4.5 years in prison in Salt Lake City Wednesday after agreeing to a plea deal with prosecutors in May. Several charges were dismissed in exchange for his guilty pleas.

The 52-year-old Newport Beach, California apologized and said he accepted responsibility.

Olshen lived in Park City, Utah during the time period from 2009 to 2013 that prosecutors say he significantly inflated his company's earnings to attract investors who lost a total of $7 million.

In 2012, for example, Olshen reported $28 million in sales while the actual totals were only $579,200, prosecutors said.