Tucson Standard

A federal jury found a Tuscon couple guilty of charges that they defrauded investors, some of whom were their friends, according to a U.S. Department of Justice news release.

"Michael and Betsy Feinberg, both of Tucson, Arizona, were found guilty by a jury of all charges related to a scheme to defraud investors out of approximately $5 million," the U.S. Attorney's Office for the District of Arizona said on Twitter. 

"The charges included one count of conspiracy to commit securities fraud, one count of conspiracy to commit wire fraud, and five counts of securities fraud," the news release said. Sentencing has been scheduled for June.

"The Feinbergs claimed to have produced revolutionary software called VDelta that would generate enormous returns for investors and philanthropists," the news release said. "For almost 15 years, the couple enticed investors with false promises about the software’s completion, release date, and capabilities."

The victims included friends of the Feinbergs, the Department of Justice said. Michael Feinberg is 73 and Betsy Feinberg is 80, according to the news release.

"In addition to paying themselves salaries, the Feinbergs used investor money for a wide variety of personal expenses, including their home mortgage," the news release said.