Cold Spring Harbor Man Gets Jail Time for Stealing $31M From Billionaire Client

An investment firm owner from Cold Spring Harbor was sentenced to jail Thursday for reportedly stealing over $31 million from one of his billionaire clients.

Thomas Donovan, 67, was sentenced to 4 1/2 years in prison and ordered to pay $62 million on Thursday in U.S. District Court in Central Islip, The Wall Street Journal reports.

Donovan, the co-owner of Private Capital Group, and his partner pocketed more than $31 million from a client who invested more than $300 million in the firm, Newsday reports.

The WSJ said Donovan and his partner provided false reports to the investor to cover up the investment fraud.

The billionaire victim of the fraud is Joseph Lewis. Forbes listed Lewis’ net worth at $5.4 billion. He was also listed as the No. 6 richest billionaire in the United Kingdom and No. 277 in the world in 2015.

Lewis lives on a yacht in the Bahamas, according to Newsday.