Davey, 50 years old, was convicted after a 45-minute trial in February 2013 on charges of securities fraud conspiracy, wire fraud conspiracy, money laundering conspiracy and tax evasion.

U.S. District Judge Robert J. Conrad Jr. said he handed down the lengthy sentence because Davey's conduct "was driven by greed that the Court rarely sees." The judge also said Davey's actions wrecked the lives of hundreds of elderly and vulnerable victims.

Davey was the last of 11 people sentenced to prison in this case. The longest sentence was 40 years given the mastermind of the scheme, Keith Franklin Simmons, who was resentenced in December following an appeal. That was reduced from 50 years. News reports say that Simmons, a foreign exchange trader, quoted Bible verses to earn victims' trust. Simmons used his gains to build what were termed lavish "love condominiums" where he paid women for sex.

A CPA and registered investment advisor, Davey called himself the administrator of numerous hedge funds for the Black Diamond racket that defrauded 400 victims of more than $40 million. Davey collection more than $11 million via with his own hedge fund, "Divine Circulation Services". Through that device, he made phony claims he had performed due diligence on Black Diamond and that he was operating a legitimate hedge fund with significant safeguards.

Termed the scheme's "paymaster" in news reports, Davey, who controlled most of the funds and wires, published a website that made bogus claims of high returns. While the site claimed there was more than $120 million in victims' accounts, there was less than $1 million. The accountant also used an elaborate network of shell companies to evade taxes and launder the proceeds.