KC man funded a luxury lifestyle by conning other people out of nearly $500,000

A Kansas City man who lived a luxurious lifestyle using money swindled from other people has been sentenced to 15 years in prison.

Ryan Scott Luscombe must also repay the nearly $500,000 he conned other people into giving him as part of his stock investment scheme.

Luscombe, 45, was found guilty by a federal court jury in February of three counts of wire fraud, two counts of mail fraud and one count of money laundering.

The money he obtained from would-be investors in his Five Star Trading Group was used for things life buying a BMW 750i and traveling to Bermuda for vacation, according to federal prosecutors.

In fact, virtually all of the $483,482 in investor funds Luscombe received was used on personal expenditures in 2013, 2014 and 2015, according to evidence presented at his trial.

He spent almost $68,000 on restaurants and entertainment and more than $21,000 in nutrition, fitness and beauty expenses, prosecutors said.

This story was originally published October 19, 2018 at 9:42 AM.